A bull call spread can hedge downside risk while keeping some upside potential. You buy a lower strike call and sell a higher strike call, reducing the cost.
Example: $130/$150 Call SpreadBuy a $130 call for $9.50Sell a $150 call for $1.20Net cost per share:$9.50 - $1.20 = $8.30Total cost for 10,000 shares:$8.30 × 10,000 = $83,000Outcome ScenariosScenario 1: NVDA Stays Below $130
Both options expire worthless. You lose the $83,000 premium but still own NVDA.
Scenario 2: NVDA Rises Above $150
Your $130 call gains value, but your $150 call caps profits. Max profit = ($150 - $130 - $8.30) × 10,000 = $78,000.
Best If: You are moderately bullish and want upside exposure with some hedge.
2, Bear Call Spread (Best for Income & Limited Risk)
A bear call spread is a defensive play that generates income while providing limited downside protection.
Example: Sell $140 Call, Buy $150 CallSell a $140 call for $5.20Buy a $150 call for $1.20Net credit per share:$5.20 - $1.20 = $4.00Total credit received:$4.00 × 10,000 = $40,000Outcome ScenariosScenario 1: NVDA Stays Below $140
You keep the $40,000 premium. Stock position remains untouched.
Scenario 2: NVDA Goes Above $150
Your loss is capped at ($150 - $140 - $4.00) = $6 per share. Max total loss: $60,000 (but the $40,000 premium offsets most of it).
Best If: You think NVDA won’t rise much past $140-$150 and want income with limited downside risk.
Comparing Strategies
Strategy Cost? Protection Level Upside Potential Best If…
In the case of NVDA, as I shared last week, i did this in 2 steps
Step 1: Buy put spread 140:125 (1:1) when NVDA is around 140. This essentially protects the drop until 125 by paying for some premium
Step 2: Wait for NVDA to drop to 132-135 area and add 2nd leg of put (ie, selling more 125 put). The idea is to use this second leg to collect credit to compensate the pemium paid in Step 1
Net net, you will get a 140:125 (1:2) ratio put spread, with almost 0 cost.
Also, since I expect NVDA is likely to trade below 160, I also opened a 140-150 ratio call spread (1:2), this allows for capturing the NVDA upside as long as it does not go above 160
A bull call spread can hedge downside risk while keeping some upside potential. You buy a lower strike call and sell a higher strike call, reducing the cost.
Example: $130/$150 Call Spread Buy a $130 call for $9.50 Sell a $150 call for $1.20 Net cost per share: $9.50 - $1.20 = $8.30 Total cost for 10,000 shares: $8.30 × 10,000 = $83,000 Outcome Scenarios Scenario 1: NVDA Stays Below $130Both options expire worthless.
Scenario 2: NVDA Rises Above $150You lose the $83,000 premium but still own NVDA.
Your $130 call gains value, but your $150 call caps profits.
Max profit = ($150 - $130 - $8.30) × 10,000 = $78,000.
Best If: You are moderately bullish and want upside exposure with some hedge.
2, Bear Call Spread (Best for Income & Limited Risk)A bear call spread is a defensive play that generates income while providing limited downside protection.
Example: Sell $140 Call, Buy $150 Call Sell a $140 call for $5.20 Buy a $150 call for $1.20 Net credit per share: $5.20 - $1.20 = $4.00 Total credit received: $4.00 × 10,000 = $40,000 Outcome Scenarios Scenario 1: NVDA Stays Below $140You keep the $40,000 premium.
Scenario 2: NVDA Goes Above $150Stock position remains untouched.
Your loss is capped at ($150 - $140 - $4.00) = $6 per share.
Max total loss: $60,000 (but the $40,000 premium offsets most of it).
Best If: You think NVDA won’t rise much past $140-$150 and want income with limited downside risk.
Comparing StrategiesIn the case of NVDA, as I shared last week, i did this in 2 steps
Step 1: Buy put spread 140:125 (1:1) when NVDA is around 140. This essentially protects the drop until 125 by paying for some premium
Step 2: Wait for NVDA to drop to 132-135 area and add 2nd leg of put (ie, selling more 125 put). The idea is to use this second leg to collect credit to compensate the pemium paid in Step 1
Net net, you will get a 140:125 (1:2) ratio put spread, with almost 0 cost.
Also, since I expect NVDA is likely to trade below 160, I also opened a 140-150 ratio call spread (1:2), this allows for capturing the NVDA upside as long as it does not go above 160
亮线，如果担忧仓位大了，减一些仓位（比如1/3）是个选项。如果还不定心，就减一半。
没有对错，看你的预测（心理预期）和承受能力，能睡安稳比多赚钱（实际只是可能性而已）更重要。
个人看法啊
Step 1： 140-125 put spread = buy 1 contract of 140 put + sell 1 contract of 125 put
Step 2: 2nd leg = sell 1 more contract of 125 put
听起来几乎是稳赚至少不赔的策略。任何时候都可以这样操作吗？还是必须股票在一定条件下才能使用这个策略？我想是不是那些比较稳定的大盘股用这个策略比较合适？像那些一天能涨跌30%的是不是就不适用？