{"id":175922,"date":"2021-02-19T17:57:00","date_gmt":"2021-02-19T22:57:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/trading-lessons\/bull-market-long-call\/"},"modified":"2026-06-30T11:21:05","modified_gmt":"2026-06-30T15:21:05","slug":"bull-market-long-call","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/bull-market-long-call\/","title":{"rendered":"Bull Market \u2013 Long Call"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Already an Interactive Brokers Client?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=taBasicOptStratRTP&#038;url=%2Fsso%2Fresolver%3Faction%3DAccountSettings%26config%3DTradingPermissions\" target=\"_blank\" rel=\"noreferrer noopener\">Request Trading Permissions<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>New to Interactive Brokers?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=taBasicOptStratAcc&#038;url=%2FUniversal%2FApplication\" target=\"_blank\" rel=\"noreferrer noopener\">Open Account<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n \u00a0\n\n<p class=\"wp-block-paragraph\">A call option allows an investor to pay a fixed premium for the right, but not the obligation, to buy an asset at a predetermined price until expiration.&nbsp; The Long Call strategy might be useful for an investor who is bullish on either the market or the price of a specific stock. Investors going long calls may profit if the price of the underlying shares rises above the combined value of the strike price and the net cost of the option. The payoff from a long call position is unlimited, increasing point for point with the stock if the price of the underlying shares move higher.&nbsp; The loss potential is limited to the initial cost of the option. Investors face a maximum loss of the premium at any point at or below the strike price, above which point losses diminish.&nbsp; The value of a long call option is hurt by the passage of time and benefits from increases in volatility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Long Call Example:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Underlying XYZ stock price: $46.25<\/li>\n\n\n\n<li>Call strike price:50<\/li>\n\n\n\n<li>Call option premium: $1.50<\/li>\n\n\n\n<li>Days to expiration: 90<\/li>\n\n\n\n<li>Breakeven: 50+$1.50=$51.50 (Strike price plus premium paid for call option)<\/li>\n\n\n\n<li>Profit potential: Unlimited<\/li>\n\n\n\n<li>Potential profit:@$55.00 \u2013 The call option is worth $3.50 to a buyer who paid $1.50, since profit = underlying price at expiration <em>minus<\/em> strike price <em>less<\/em> the premium paid, or $55.00 \u2013 50.00 -$1.50 = $3.50.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Maximum loss: Defined by the premium paid of $1.50. Occurs at the strike price and all points below.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Market Outlook &#8211; Bullish<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Volatility View &#8211; Premium increases<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Time Erosion &#8211; Premium decays<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dividends &#8211; Premium decreases<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interest Rate &#8211; Premium increases<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Profit Potential &#8211; Unlimited<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Loss Potential &#8211; Limited<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Components &#8211; Buy call option<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Underlying Stock<\/td><td>&nbsp;$&nbsp;&nbsp; 46.25<\/td><td><\/td><td>Underlying Stock<\/td><td>Profit &amp; Loss<\/td><td><\/td><\/tr><tr><td>Long Call Strike<\/td><td>&nbsp;$&nbsp;&nbsp; 50.00<\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150.00)<\/td><td><\/td><\/tr><tr><td>Premium<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1.50<\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150.00)<\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150.00)<\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150.00)<\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150.00)<\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150.00)<\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150.00)<\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150.00)<\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350.00<\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850.00<\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,850.00<\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80<\/td><td>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,850.00<\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.tradersinsight.news\/category\/traders-insight\/securities\/options\/\" target=\"_blank\" rel=\"noopener\">Traders&#8217; Insight &#8211; Option Related Articles<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An investor might use a long call option position when the share price or market is expected to rise.<\/p>\n","protected":false},"author":850,"featured_media":221423,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13576],"traders-academy":[13126,13128,13132],"class_list":["post-175922","trading-lessons","type-trading-lessons","status-publish","has-post-thumbnail","contributors-categories-interactive-brokers","traders-academy-intermediate-trading","traders-academy-level","traders-academy-trading-lesson"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast 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