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+196 Part II: Call Option Strategies 
+continue to hold the long call. This can become disastrous if the breakout fails and 
+the stock drops, possibly resulting in losses far in excess of the original debit. 
+Therefore, this action cannot be considered anything but extremely aggressive and 
+illogical for the neutral strategist. 
+If a breakout does not occur, the spreader will normally be making unrealized 
+profits as time passes. Should this be the case, he may want to set some mental stop­
+out points for himself. For example, if the underlying stock is quite close to the strik­
+ing price with only two weeks to go, there will be some more profit potential left in 
+the spread, but the spreader should be ready to close the position quickly if the stock 
+begins to get too far away from the striking price. In this manner, he can leave room 
+for more profits to accrue, but he is also attempting to protect the profits that have 
+already built up. This is somewhat similar to the action that the ratio writer takes 
+when he narrows the range of his action points as more and more time passes. 
+THE BULLISH CALENDAR SPREAD 
+A less neutral and more bullish type of calendar spread is preferred by the more 
+aggressive investor. In a bullish calendar spread, one sells the near-term call and buys 
+a longer-term call, but he does this when the underlying stock is some distance below 
+the striking price of the calls. This type of position has the attractive features of low 
+dollar investment and large potential profits. Of course, there is risk involved as well. 
+Example: One might set up a bullish calendar spread in the following manner: 
+XYZ common, 45; 
+sell the XYZ April 50 for l; and 
+buy the XYZ July 50 for 1 ½. 
+This investor ideally wants two things to happen. First, he would like the near­
+term call to expire worthless. That is why the bullish calendar spread is established 
+with out-of-the-money calls: to increase the chances of the short call expiring worth­
+less. If this happens, the investor will then own the longer-term call at a net cost of 
+his original debit. In this example, his original debit was only ½ of a point to create 
+the spread. If the April 50 call expires worthless, the investor will own the July 50 call 
+at a net cost of ½ point, plus commissions. 
+The investor now needs a second criterion to be fulfilled: The stock must rise in 
+price by the time the July 50 call expires. In this example, even if XYZ were to rally 
+to only 52 between April and July, the July 50 call could be sold for at least 2 points. 
+This represents a substantial percentage gain, because the cost of the call has been