Long Call
Description
Buying a call option to profit from a rise in the underlying, paying a fixed premium for uncapped upside participation.
Setup
- Buy one call option, typically at or near the money.
- Choose an expiry that gives the expected move room to happen.
Context
Used when you expect a sizeable upward move and want leveraged exposure without the capital outlay of owning the underlying outright.
Risk Profile
Maximum loss is the premium paid, realized if the underlying finishes at or below the strike. Maximum gain is theoretically unlimited as the underlying rises.
Pros
- Small, known maximum loss.
- Unlimited upside participation.
- Far less capital required than buying the underlying.
Cons
- Premium decays every day that passes without a move.
- Underlying must move enough to clear the breakeven before expiry, not just be directionally right.
Effect of Time
Time decay works against the position; theta erodes the premium every day, accelerating as expiry nears.
Effect of Volatility
A rise in implied volatility increases the option's value and helps the position even before the underlying moves.
Look-Alike Strategies
Live Structure
| Position? | Right? | Ratio | Strike | Expiry | IV? | Premium? | Fill Price? | Liquidity? | Est. Fee? |
|---|---|---|---|---|---|---|---|---|---|
| Long | Call | 1 | $75000.0000 | 20 Nov 2026 | 38.5% | $1909.8238 | $1947.2713 | 79.0000 | $22.4685 |
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? | $74773.0400 | $74868.6210 | $74775.6000 |
| Mid-Price Cost | $1909.8238 | $1930.0000 | $1890.8599 |
| Slippage? | +$37.4475 | +$5.0000 | +$18.7214 |
| Estimated Fees? | +$22.4685 | +$22.5054 | +$22.4657 |
| Total Estimated Cost | $1969.7398 | $1957.5054$12.2300 better than this page | $1932.0470$37.6900 better than this page |
| Max Profit? | Uncapped | Uncapped | Uncapped |
| Max Loss? | -$1969.7398 | -$1957.5054 | -$1932.0470 |
| Breakeven(s)? | $76969.7398 | $76957.5054 | $76932.0470 |
| Structure IV? | 38.5% | 38.7% | 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 |
|---|---|---|---|
| $60000.0000 | $0.0000 | -$1969.7398 | -100.0% |
| $74895.0500 current | $0.0000 | -$1969.7398 | -100.0% |
| $75000.0000 | $0.0000 | -$1969.7398 | -100.0% |
| $76969.7398 breakeven | $1969.7398 | $0.0000 | +0.0% |
| $90000.0000 | $15000.0000 | $13030.2602 | +661.5% |
Delta (model)?
Gamma (model)?
Vega (model)?
Theta (model)?
Rho (model)?
Alternatives
From the Scanner's latest pass (21:23:48 UTC), priced at execution like everything above.
Same payoff through other strategies
| Strategy | Market | vs. this one | Credit/Debit | Max Profit? | Max Loss? | Prob. of Profit? | Max Profit / Max Loss? |
|---|---|---|---|---|---|---|---|
| Protective Put (Married Put)75000 | OKX · BTC | $40.2334 | $76929.5064 | Uncapped | -$1929.5064 | 33% | — |
| Protective Put (Married Put)75000 | Deribit · BTC | $30.6519 | $76939.0879 | Uncapped | -$1939.0879 | 33% | — |
| Protective Put (Married Put)75000 | Bybit · BTC | -$33.8665 | $77003.6063 | Uncapped | -$2003.6063 | 33% | — |
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? |
|---|---|---|---|---|---|---|---|
| Long Call72000 | Deribit · BTC | — | $3954.4259 | Uncapped | -$3954.4259 | 40% | — |
| Long Call73000 | Deribit · BTC | — | $3168.0361 | Uncapped | -$3168.0361 | 39% | — |
| Long Call74000 | Deribit · BTC | — | $2531.4317 | Uncapped | -$2531.4317 | 36% | — |