Bear call ladder
Big moveUnlimited profitLimited loss
Short call financed into two longs: wants a strong rally.
Payoff at expiry — live BTC example
Net credit
$308.54
Max profit
Unlimited
Max loss
$891.46
Breakevens
66,109 / 68,891
Example legs (0.7 DTE front)
- Sell 65,800 call
- Buy 67,000 call
- Buy 68,000 call
Entry greeks (per 1 BTC notional): Δ -0.439 · Γ -0.1788 per 1% · vega $-5.25/pt · theta $80.96/day
How it works
Short lower call funds two higher longs: loses in a modest rally, wins big in a melt-up.
When to use it
Contrarian upside convexity when the market prices only a small move.
Risks & management
The mid-zone loss valley; theta hurts while you wait.
Related structures
Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.