> For the complete documentation index, see [llms.txt](https://catpull-1.gitbook.io/hegic/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://catpull-1.gitbook.io/hegic/buying-options/bearish-options/bear-call-spread.md).

# Bear Call Spread

Low cost, decent profits if the price stays at a certain level or falls

<figure><img src="https://2853328886-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9IfN0SsphIpKDZ52Rrsw%2Fuploads%2FsBabfDEQU8hOubH2EBbx%2F1_n5S03nxaetE_9K6g8FzjvQ.webp?alt=media&amp;token=d8dbc16b-6361-4c74-a6fa-ebae29679d6f" alt=""><figcaption></figcaption></figure>

**The Bear Call Spread** is a strategy that helps you to make **a bet on a local price drop and earn profits if the price doesn’t rise.**

The Bear Call Spread is an optimal strategy when the price falls or does not change much during the period of holding. The profit zone for this strategy looks like a profit zone for the Bear Put Spread. The key difference is that **with the Bear Call Spread you are immediately in profits after purchasing the strategy and don’t need to wait for a price drop.**

{% hint style="info" %}
Buying one Bear Call Spread is equal to selling a ATM call and buying a OTM call with a higher strike price.
{% endhint %}

{% hint style="warning" %}
**Bear Call Spread is an inversion strategy. This means that the strategy includes selling (writing) of options, so they can't be exercised before expiry.**
{% endhint %}