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Bull Call Spread Option Strategy

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Long a call at the lower strike and short a call at the higher strike in the same expiration gives the debit spread this workbook prices. Gains cap at the difference between the strikes less the debit, and loss is limited to the debit paid, which makes it a defined risk way to express a moderately bullish view.

Both option symbols are constructed from ticker, expiration and strikes, then bid, ask and previous close come in on demand next to the underlying's last price so the net debit, breakeven and maximum gain track the current chain.

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