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+176 Part II: Call Option Strategies 
+mission costs in this spread would be substantially larger than those in the spreads 
+above, which involve less expensive options initially, and they should therefore be fig­
+ured into one's profit calculations before entering into the spread transaction. Since 
+this stock would have to decline 7 points to fall below 30 and cause a loss of the entire 
+investment, it would have to be considered a rather low-probability event. This fact 
+adds to the less aggressive nature of this type of spread. 
+RANKING BULL SPREADS 
+To accurately compare the risk and reward potentials of the many bull spreads that 
+are available in a given day, one has to use a computer to perform the mass calcula­
+tions. It is possible to use a strictly arithmetic method of ranking bull spreads, but 
+such a list will not be as accurate as the correct method of analysis. In reality, it is 
+necessary to incorporate the volatility of the underlying stock, and possibly the 
+expected return from the spread as well, into one's calculations. The concept of 
+expected return is described in detail in Chapter 28, where a bull spread is used as 
+an example. 
+The exact method for using volatility and predicting an option's price after an 
+upward movement are presented later. Many data services offer such information. 
+However, if the reader wants to attempt a simpler method of analysis, the following 
+one may suffice. In any ranking of bull spreads, it is important not to rank the spreads 
+by their maximum potential profits at expiration. Such a ranking will always give the 
+most weight to deeply out-of-the-money spreads, which can rarely achieve their max­
+imum profit potential. It would be better to screen out any spreads whose maximum 
+profit prices are too far away from the current stock price. A simple method of allow­
+ing for a stock's movement might be to assume that the stock could, at expiration, 
+advance by an amount equal to twice the time value premium in an at-the-money 
+call. Since more volatile stocks have options with greater time value premium, this is 
+a simple attempt to incorporate volatility into the analysis. Also, since longer-term 
+options have more time value premium than do short-term options, this will allow for 
+larger movements during a longer time period. Percentage returns should include 
+commission costs. This simple analysis is not completely correct, but it may prove 
+useful to those traders looking for a simple arithmetic method of analysis that can be 
+computed quickly. 
+FURTHER CONSIDERATIONS 
+The bull spreads described in previous examples utilize the same expiration date for 
+both the short call and the long call. It is sometimes useful to buy a call with a longer