Strategies · Lesson 03 of 14 · Lab
Bear call spread
A bear call spread sells a call and buys a higher one, keeping the credit if the index finishes below the sold strike. On 22 September 2026 the NIFTY 23,450/23,600 spread collected ₹56.90 against a maximum loss of ₹93.10, with breakeven at 23,507. The index closed at 23,329 and the spread kept the full ₹56.90.
NIFTY weekly expiry, 22 September 2026 · MarketCue one-minute option-chain capture
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Prices captured at the open on Tuesday, 22 September 2026. NIFTY spot at the open: 23,460. The highlighted row is nearest the money.
NIFTY closed at 23,329, down 131 points from the open. Sold 23,450 CE at ₹64.50 → settled ₹0.05. Bought 23,600 CE at ₹7.60 → settled ₹0.05. Net gain of ₹56.90 per unit, or +100% of what was put up. This was the expiry, so those closing prices are settlement values.
Selling the level you do not expect to be passed
The sold 23,450 call brought ₹64.50. The bought 23,600 call cost ₹7.60 and put a ceiling on what the position could lose. The net ₹56.90 is collected at the outset.
Unlike the bull put spread, this structure had the direction of the session with it, so it reads as the mirror case: same shape of risk, opposite outcome, on the same chain.
What it did
The index opened at 23,460 — already ten points above the sold strike — and would have needed to hold above 23,507 for the position to lose anything. It closed at 23,329.
Both calls settled at ₹0.05 and the position kept its entire ₹56.90. Note what that means about the shape: the best available outcome was known on entry, and it was collected in full.
Compare against the naked preset. Without the 23,600 call the credit rises from ₹56.90 to ₹64.50 — and the loss above the sold strike has no upper bound. The ₹7.60 difference is what that bound costs.
Common questions
What is a bear call spread?
The bull put spread reflected onto the call side. Premium arrives on entry from the written call, a further-out long call bounds what can go wrong above it, and the position keeps what it collected while the index stays beneath. It took ₹56.90 that session and retained all of it.
When does a bear call spread lose money?
When the index finishes above the sold strike plus the credit received. For the 23,450/23,600 spread at a ₹56.90 credit, that was 23,507.
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How these figures are produced
Every price on these pages was traded on the exchange and is read from our own option-chain capture, which records the NIFTY and SENSEX chains once a minute through the session. Each page names the session its figures come from.
Figures that a model produced rather than the market — the Greeks, implied volatility — are labelled as model outputs wherever they appear, and never presented beside traded prices without saying which is which. The pricing is checked against published reference values on every change.
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