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Laddered Call

Description

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Spreads a long call position across several strikes instead of concentrating it in one, so exposure is added in rungs and the premium paid is blended rather than set by a single entry.

Each rung is quoted separately from bid and ask, with previous close and the underlying's last price for reference, and cost and contract count are totalled across the ladder. Laying the strikes out this way shows which rungs carry the position and which are the long shots, and how the blended breakeven moves as rungs are added or removed.

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