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+180 Part II: Call Option Strategies 
+the overall increase in risk is small - the amount paid to repurchase the short call. If 
+he attempts to "leg" out of the spread in such a manner, the spreader should not 
+attempt to buy back the short call at too high a price. If it can be repurchased at 1/s 
+or 1/16, the spreader will be giving away virtually nothing by buying back the short call. 
+However, he should not be quick to repurchase it if it still has much more value than 
+that, unless he is closing out the entire spread. At no time should one attempt to "leg" 
+out after a stock price increase, taking the profit on the long side and hoping for a 
+stock price decline to make the short side profitable as well. The risk is too great. 
+Many traders find themselves in the somewhat perplexing situation of having 
+seen the underlying make a large, quick move, only to find that their spread has not 
+widened out much. They often try to figure out a way to perhaps lock in some gains 
+in case the underlying subsequently drops in price, but they want to be able to wait 
+around for the spread to widen out more toward its maximum profit potential. There 
+really isn't any hedge that can accomplish all of these things. The only position that 
+can lock in the profits in a call bull spread is to purchase the accompanying put bear 
+spread. This strategy is discussed in Chapter 23, Spreads Combining Calls and Puts. 
+OTHER USES OF BULL SPREADS 
+Superficially, the bull spread is one of the simplest forms of spreading. However, it 
+can be an extremely useful tool in a wide variety of situations. Two such situations 
+were described in Chapter 3. If the outright purchaser of a call finds himself with an 
+unrealized loss, he may be able to substantially improve his chances of getting out 
+even by "rolling down" into a bull spread. If, however, he has an unrealized profit, he 
+may be able to sell a call at the next higher strike, creating a bull spread, in an attempt 
+to lock in some of his profit. 
+In a somewhat similar manner, a common stockholder who is faced with an 
+unrealized loss may be able to utilize a bull spread to lower the price at which he 
+can break even. He may often have a significantly better chance of breaking even or 
+making a profit by using options. The following example illustrates the stockholder's 
+strategy. 
+Example: An investor buys 100 shares of XYZ at 48, and later finds himself with an 
+unrealized loss with the stock at 42. A 6-point rally in the stock would be necessary 
+in order to break even. However, if XYZ has listed options trading, he may be able to 
+significantly reduce his break-even price. The prices are: