| STRATEGY | Bear Call Spread |
| MARKET OPINION | Bearish |
| MARKET POSITION | Sell a lower strike price call and buy a higher strike price call on the same commodity with the same expiration date |
| OPTION STRATEGY DEBIT/CREDIT | Net credit [premium received is greater than premium paid] |
| PROFIT POTENTIAL | Limited to the net credit |
| PROFIT POINT | Any futures price below the [lower strike price plus net credit]; maximum profit point is any futures price at or below the lower strike price |
| LOSS POTENTIAL | Limited to the [difference between the strike prices] minus the net credit |
| LOSS POINT | Any futures price above the [lower strike price plus net credit]; maximum loss point is any futures price at or above the higher strike price |
| BREAK-EVEN-POINT | Lower strike price + net credit |
| MARGIN REQUIRED | Yes |
| DELTA | [Delta of call bought]-[Delta of call sold] |
