The strategy can be profitable if the stock trades lower, sideways, and even if it trades slightly higher, as long as it stays below the short call at expiry. Potential Return Of 20.5% A bear call spread with an Oct. 17 expiration using strike prices of 72.50 to 77.50 can be sold for around 105 cents a share. Traders selling the spread would receive $105 in option premium which is also the maximum possible gain. The maximum loss would be $395. That represents a potential return of 26.6% between now and Oct. ...