Bull call spread on Sensex
Buy a call and sell a higher-strike call with the same expiry. You pay less than for the call alone, and give up gains above the upper 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 rise moderately by expiry, with a known maximum loss.
| Leg | Premium per unit | Cash flow |
|---|---|---|
| Buy 1 lot 82,000 CE | ₹641.05 | −₹12,821 |
| Sell 1 lot 83,500 CE | ₹139.47 | +₹2,789 |
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 bull call spread on Sensex?
In this illustrative example, ₹10,032 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 loss on a bull call spread?
The net premium paid for the spread, plus charges. It is reached if the index ends at or below the lower strike at expiry.
What is the maximum profit?
The difference between the strikes minus the net premium, times the lot size. It is reached if the index ends at or above the upper strike.