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+190 Part II: Call Option Strategies 
+will approach its maximum profit potential. This is important to understand because, 
+if one is expecting a quick move down by the underlying stock, he might need to use 
+a call bear spread in which the lower strike is actually somewhat deeply in-the­
+money, while the upper strike is out-of-the-money. In this case, the in-the-money call 
+will decline in value as the stock moves down, even if that downward move happens 
+immediately. Meanwhile, the out-of-the-money long call protects against a disastrous 
+upside breakout by the stock. This type of bear spread is really akin to selling a deep 
+in-the-money call for its raw downside profit potential and buying an out-of-the­
+money call merely as disaster insurance. 
+FOLLOW-UP ACTION 
+Follow-up strategies are not difficult, in general, for bear spreads. The major thing 
+that the strategist must be aware of is impending assignment of the short call. If the 
+short side of the spread is in-the-money and has no time premium remaining, the 
+spread should be closed regardless of how much time remains until expiration. This 
+disappearance of time value premium could be caused either by the stock being 
+significantly above the striking price of the stock call, or by an impending dividend 
+payment. In either case, the spread should be closed to avoid assignment and the 
+resultant large commission costs on stock transactions. Note that the large credit 
+bear spread (one established with the stock well above the lower striking price) is 
+dangerous from the viewpoint of early assignment, since the time value premium 
+in the call will be small to begin with. 
+SUMMARY 
+The call bear spread is a bearishly oriented strategy. Since the spread is a credit 
+spread, requiring only a reduction in buying power but no actual layout of cash to 
+establish, it is a moderately popular strategy. The bear spread using calls may not be 
+the optimum type of bearish spread that is available; a bear spread using put options 
+maybe.