Bull call ladder
BullishLimited profitUnlimited loss
Bull call spread plus an extra short call: cheap until price runs too far.
Payoff at expiry — live BTC example
Net debit
$285.42
Max profit
$914.58
Max loss
Unlimited
Breakevens
77,485 / 80,515
Example legs (0.7 DTE front)
- Buy 77,200 call
- Sell 78,400 call
- Sell 79,600 call
Entry greeks (per 1 BTC notional): Δ 0.261 · Γ 0.0503 per 1% · vega $0.01/pt · theta $71.15/day
How it works
Long call, short higher call, short an even higher call: the second short makes entry cheap but opens upside risk beyond it.
When to use it
Moderate rally thesis with a firm ceiling view.
Risks & management
A rally through the top strike turns a winner into an unlimited loser — the trap of ladders.
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.