From first ping to exit.

Know what is at risk before committing capital.

Illustrative structure only: buy one $150 call and sell one $155 call with the same expiry for a $1.80 net debit. A standard 100-share multiplier gives a $180 maximum contractual loss, before fees, if both legs remain intact. These are invented example terms, not available quotes.

Maximum spread loss

$180 per spread, plus commissions and fees

At-expiry breakeven

$151.80 underlying price, before costs

Trade management risk

Early assignment, legging, liquidity, and expiration require active management