Buy 1 long call + sell 2 short calls higher. Credit; tail risk above the shorts.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
Buy one call and sell two (or more) higher-strike calls. Often entered for little or no cost — the extra short call finances the trade.
When you expect a modest rise toward the short strike, but not beyond. Profit peaks exactly at the short strike at expiration.
The second short call is naked: above the short strike your profit erodes, and past a point losses grow WITHOUT LIMIT. This is an advanced structure — understand the right tail before touching it.
New to options? Start with the free curriculum — or see which strategy fits your outlook.
Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.