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I've closed 60% of the spread position. Left the 40% to run/play - now bring on the fancy schmancy please... :)

Risking 13 to get 2 is, well, indeed risky. Good point. I suppose there's no way to protect the profits without selling.

I'm going to assume I should never buy it for 15, as it would always be worth less than 15 until expiration due to time value. Thus the spread would never be 15 until time value on both is zero? So isn't my decision moreso: am I willing to take the risk of holding a spread worth 13 for a...

Actually, it seems the time value of the short call is what is preventing max value, even though the stock is above both strikes now. If I have the patience, the time value of the short call should go down as we approach expiration, and as long as the stock stays above the short call strike...

Can anyone assist with a roll strategy? I'm bullish beyond AAPL at 130. I'm forced to close the March 115/130 to realize max or close to max gains shortly. I'd like to maintain similar exposure to the stock via a new spread.

0.9653 (115 strike delta) - 0.6448 (130 strike delta) = 0.3205 14.5 (target price to close spread) - 13 (current spread value) = 1.5 1.5/.3025 = 4.68 AAPL @ ~133 (today) + 4.68 = 137.68 Did I do that right?

Ah - I think I get it, I could be the seller of the spread (assuming it was going for say 16 now - which we're saying is not possible), then at exp I would buy it back because we know at exp it must be 15 if the stock is above both strikes. Eureka. Thanks As the spread is close to 13 now...

I often trade bull call spreads and use Fidelity and their website to mock trade and then execute. I'm sure there are more sophisticated simulators out there that will help me choose the right legs, and other such things? Max gain is easy but would be nice to assess gains and max gains for...

Yes I think I've read max value has to be the difference in the strikes, but I'm trying to understand how and why it would be arbitrage...

A bullish position could have also been long the 130 call, and short the 200 call if it existed? if there was a move in the stock to 160 for example, would the short call still move so significantly that the returns would significantly differ than the outright 130 call purchase?

Hi folks - I currently hold the AAPL MAR 20 2015 $115/$130 Bull Call Spread. I had bought it for $2.20 and the spread is worth about $11.20, a very good gain of $9. As we know, the max value at expiration can only be $130 - $115 or $15. My question is can the spread be worth more than $15...