Short Call Ladder
Description
The inverse of the long call ladder: selling a lower call and buying one call at each of two higher strikes, for a trader positioned for either a flat/down market or a large rally.
Setup
- Sell one call at a lower strike.
- Buy one call at a middle strike.
- Buy one call at a higher strike, same expiry.
Context
Used when the underlying is expected either to stay quiet below the lower strike or to rally hard through all three strikes, with the middle zone being the trade's weak spot.
Risk Profile
Maximum loss sits between the middle and highest strike. Below the lower strike the position keeps its net credit; above the highest strike, gain is unlimited thanks to the extra long call.
Pros
- Uncapped upside on a big rally.
- Can be set up for a net credit.
- Profits if the underlying stays quiet below the lower strike too.
Cons
- Loses money in the middle zone between the second and third strikes.
- Three legs means more trading fees and more to manage.
Effect of Time
Time decay generally hurts the position while the underlying sits in the loss zone.
Effect of Volatility
A rise in implied volatility generally helps the position, since the long calls outnumber the short call.
Look-Alike Strategies
Live Structure
| Position? | Right? | Ratio | Strike | Expiry | IV? | Premium? | Fill Price? | Liquidity? | Est. Fee? |
|---|---|---|---|---|---|---|---|---|---|
| Short | Call | 1 | $74000.0000 | 20 Nov 2026 | 39.2% | $2511.9040 | $2474.4129 | 2.1000 | $22.4947 |
| Long | Call | 1 | $75000.0000 | 20 Nov 2026 | 38.5% | $1949.5375 | $1987.0286 | 73.7000 | $22.4947 |
| Long | Call | 1 | $76000.0000 | 20 Nov 2026 | 38.2% | $1480.8921 | $1499.6376 | 34.2000 | $22.4946 |
Net cost, breakevens, the payoff chart and the scenario table are after costs: every leg filled by crossing the spread, estimated fees included -- the same numbers the Scanner ranks by.
Estimated Cost to Assemble
An estimate of what entering this structure right now would really cost: filling every leg by crossing the spread (the ask when buying, the bid when selling) instead of at the mid-price, plus an estimated exchange fee. Real fees and fills can differ from this estimate.
Compare venues
These exact contracts -- same strikes, expiries and ratios -- on every venue BOSS tracks for this currency, at execution: what selling (bid) or buying (ask) each leg there comes to, after that venue's own fee. Green marks the best venue for each leg and for the whole structure.
| Deribit this page | Bybit | OKX | |
|---|---|---|---|
| Index? | $74856.0300 | $74949.4249 | $74862.5000 |
| Mid-Price Cost | $918.5256 | $930.0000 | $881.1838 |
| Slippage? | +$93.7277 | +$15.0000 | +$56.2458 |
| Estimated Fees? | +$67.4839 | +$67.6651 | +$67.4949 |
| Total Estimated Cost | $1079.7371 | $1012.6652$67.0700 better than this page | $1004.9245$74.8100 better than this page |
| Max Profit? | Uncapped | Uncapped | Uncapped |
| Max Loss? | -$2079.7371 | -$2012.6651 | -$2004.9245 |
| Breakeven(s)? | $78079.7371 | $78012.6652 | $78004.9245 |
| Structure IV? | 38.6% | 38.5% | 38.4% |
| Open on this venue → | Open on this venue → |
Each leg: what it nets there per contract (fill price with the fee folded in), then the fill price, fee, IV and the size quoted at that price.
For comparing prices, not a recommendation: quotes move by the second, size is only what's shown at the top of the book, fees are each venue's published estimate, and the venues settle against different indexes and margin separately.
Market Context
This expiry as the Dashboard sees it: how the legs are priced against at-the-money and realized volatility, and where the expiry's forward sits against spot.
Volatility Smile?
Implied volatility across strikes at this expiry; the marked lines are this structure's strikes. Buying on the high part of the curve pays up for volatility; selling there collects it.
Leg bought Leg sold
Payoff & Greeks vs. Underlying Price
The Greeks curves are a Black-Scholes model using each leg's current implied volatility, holding time to expiry fixed -- not live exchange data at every price, which only exists at the current price (dashed line).
Payoff at Expiration
After costs At mid price
This structure's value and profit/loss at expiration, at a handful of specific prices: every leg's strike, every breakeven, the current spot, and the chart's own range.
| Underlying Price | Value at Expiration | Profit / Loss | Return on Cost |
|---|---|---|---|
| $72000.0000 | $0.0000 | -$1079.7371 | -100.0% |
| $74000.0000 | $0.0000 | -$1079.7371 | -100.0% |
| $74981.8800 current | -$981.8800 | -$2061.6171 | -190.9% |
| $75000.0000 | -$1000.0000 | -$2079.7371 | -192.6% |
| $76000.0000 | -$1000.0000 | -$2079.7371 | -192.6% |
| $78000.0000 | $1000.0000 | -$79.7371 | -7.4% |
| $78079.7371 breakeven | $1079.7371 | $0.0000 | +0.0% |
Delta (model)?
Gamma (model)?
Vega (model)?
Theta (model)?
Rho (model)?
Alternatives
From the Scanner's latest pass (21:35:48 UTC), priced at execution like everything above.
Same payoff through other strategies
None found in the latest scan.
Other strikes and widths of this strategy
| Strategy | Market | vs. this one | Credit/Debit | Max Profit? | Max Loss? | Prob. of Profit? | Max Profit / Max Loss? |
|---|---|---|---|---|---|---|---|
| Short Call Ladder76000/78000/80000 | Deribit · BTC | — | -$119.9860 | Uncapped | -$1880.0140 | 69% | — |
| Short Call Ladder75000/77000/79000 | Deribit · BTC | — | -$119.9766 | Uncapped | -$1880.0234 | 64% | — |
| Short Call Ladder75000/78000/81000 | Deribit · BTC | — | -$689.9373 | Uncapped | -$2310.0627 | 62% | — |