Long call
BullishUnlimited profitLimited loss
Buy a call: unlimited upside, risk capped at the premium.
Payoff at expiry — live BTC example
Net debit
$350.11
Max profit
Unlimited
Max loss
$350.11
Breakeven
66,150
Example legs (0.7 DTE front)
- Buy 65,800 call
Entry greeks (per 1 BTC notional): Δ 0.550 · Γ 0.3437 per 1% · vega $11.46/pt · theta $-213.10/day
How it works
One long call gives leveraged upside above the strike. Below it at expiry the option expires worthless and the loss is exactly the premium paid.
When to use it
You expect a decisive move up before expiry, and implied volatility is not already pricing that move in.
Risks & management
Time decay works against you every day; a flat market loses. The breakeven sits a full premium above the strike, so being merely "right on direction" can still lose.
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.