The same stock move can pay three very different ways.
Compare a call, a call spread, and a put spread against the same price target, date, and loss budget. See what each earns if you are right, early, late, or wrong.
See the worked comparisonSee the worked comparison
SPY quotes as of Sep 29, 2026, 3:39 PM ET (Polygon options snapshot). Recorded quotes, not a live refresh.
SPY at $764.66, target $841 (+10%) by the Oct 30, 2026 expiry, one contract per leg, $0.65 fee per contract. Buys at ask, sells at bid.
| Structure | Entry cash | Max loss | Max profit | Breakeven | S=726 | S=765 | S=803 | S=841 |
|---|---|---|---|---|---|---|---|---|
| Long 765 call | $1,329.65 debit | $1,329.65 | Uncapped | $778.30 | -$1,329.65 | -$1,329.65 | $2,470.35 | $6,270.35 |
| Buy 765C / sell 805C | $1,242.30 debit | $1,242.30 | $2,757.70 | $777.42 | -$1,242.30 | -$1,242.30 | $2,557.70 | $2,757.70 |
| Sell 765P / buy 725P | $801.70 credit | $3,198.30 | $801.70 | $756.98 | -$3,098.30 | $801.70 | $801.70 | $801.70 |
At a $5,000 modeled loss budget: 3 × Long 765 call ($3,988.95 loss, $18,811.05 at target); 4 × Buy 765C / sell 805C ($4,969.20 loss, $11,030.80 at target); 1 × Sell 765P / buy 725P ($3,198.30 loss, $801.70 at target). Equal contracts and equal loss budgets give different answers.
Contracts: SPY261030C00765000, SPY261030C00805000, SPY261030P00765000, SPY261030P00725000. Maximum loss in the modeled expiration payoff. Short legs can be assigned early. Broker capital requirement: unavailable.
Why come back
Quotes, implied volatility and time to expiry change. Rerun to compare the same view against current prices.
What's included
Included with Desk: this research and every other Market Ontology workflow. No per-report fee; standard fair-use rate limits apply.