Build a Bear Call Ladder Strategy

A bear call ladder is an extension to the bear call spread, as it now includes another long call. The name suggests it is a bearish strategy, but it is actually bearish or very bullish, since it has a capped gain on the downside and an infinite gain on the upside.

This strategy requires significant volatility to be profitable. Time is harmful when the position is unprofitable, but helpful once it becomes profitable.