Bear Call Spread Calculator | Max Profit, Max Loss & Breakeven

Bear Call Spread (Call Credit Spread) Calculator

This Bear Call Spread Calculator estimates payoff at expiration for a bear call spread, also called a call credit spread. You sell a call at a lower strike and buy a call at a higher strike (same expiration) to collect a net credit. The strategy is commonly used when your outlook is neutral-to-bearish and you want defined risk.

Key Formulas

Net Credit = (Short Call Premium − Long Call Premium) per share
Breakeven = Short Strike + Net Credit
Max Profit = Net Credit × 100 × Contracts
Max Loss = (Strike Width − Net Credit) × 100 × Contracts

When Traders Use a Bear Call Spread

Many traders use bear call spreads when implied volatility is elevated and they expect the underlying to stay below a resistance level. Because it’s a defined-risk credit spread, risk is capped compared to a naked short call.

Related Strategy Calculators

Compare with: Bull Call Spread Calculator, Bull Put Spread Calculator, Short Call Calculator.

Bear Call Spread FAQ

When does a bear call spread make money?

It’s profitable at expiration when the underlying is below the breakeven: Short Strike + Net Credit. Max profit occurs if it finishes at or below the short strike.

What is the maximum profit on a bear call spread?

The maximum profit is the net credit received (credit × 100 × contracts), before fees.

What is the maximum loss?

Max loss occurs if the underlying finishes at or above the long strike: (Long Strike − Short Strike − Net Credit) × 100 × contracts.

Is a bear call spread bullish or bearish?

It’s typically neutral-to-bearish.