Bear call spread on Sensex
Sell a call and buy a higher-strike call. You collect a premium and keep it if the index stays below the sold strike. Shown per lot of 20 with illustrative numbers.
Contract basics. Sensex lot size: 20. Sensex has weekly options on BSE expiring every Thursday, so this example uses 7 days to expiry. Strikes in this example are rounded to the 100-point strike interval.
A structure for a view that the index will stay below a level by expiry, with the loss capped by the bought call.
| Leg | Premium per unit | Cash flow |
|---|---|---|
| Sell 1 lot 82,700 CE | ₹339.93 | +₹6,799 |
| Buy 1 lot 84,200 CE | ₹54.65 | −₹1,093 |
Profit and loss at expiry
For the whole position, before charges.
Premiums are theoretical Black–Scholes values from round, illustrative inputs, not market prices. Charges and margin are not included.Price a single leg with your own numbers.
Frequently asked questions
What is the maximum loss of a bear call spread on Sensex?
In this illustrative example, ₹24,294 per set of legs (lot size 20), before charges.
What is the lot size of Sensex options?
20 units per lot at the time of writing. Lot sizes are revised by the exchange from time to time; check the current size before trading.
When do Sensex options expire?
Sensex has weekly options on BSE expiring every Thursday, so this example uses 7 days to expiry.
What is the maximum profit on a bear call spread?
The net premium received, if the index ends below the sold call strike.
What is the maximum loss?
The strike difference minus the net premium, times the lot size, if the index ends above the bought call strike.