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Long call

BTO (buy to open) a call. Exit with STC (sell to close) or expire. Defined debit — a kink, not 100 shares.

You BTO (buy to open) a call and pay a debit. Above break-even the upside is yours. Time decay works against you. The call can go to zero; 100 shares cannot disappear the same way.

Stock $100, $105 call, $3. Lose $300 at $90 / $100 / $105. Flat at $108. +$200 at $110. +$1,200 at $120. Break-even = strike + premium.

The lab is that same $105 call. Slide through $108. Slide days toward zero and the kink sharpens.

Long call — you paid for the right to buyExpiration kink: lose the premium below the strike, then profit as the stock rises through break-even.Long call — you paid for the right to buyTeaching sketchK $105BE $108lose $300stock up
Stock $100, $105 call, $3. Flat = lost $300. Break-even $108. $110 is +$200. $120 is +$1,200. The call can die; 100 shares cannot.

Teaching lab

Long call — you pay theta

Stock $100, $105 call, $3. Slide stock through $108. Slide days down and watch the kink.

P/L / share
-1.82
×100
-182
Delta
+0.276
Gamma
0.0467
Theta / day
-0.0432
Vega / vol pt
+0.0959

P/L / share

vs the lesson entry

32.390.00$60$80$100$120$140

Delta

share-equivalent

1.000.00$60$80$100$120$140

Gamma

peaks near the strikes

0.0530.000$60$80$100$120$140

Theta / day

clock

0.000-0.057$60$80$100$120$140

Vega / vol pt

fear priced in

0.1200.000$60$80$100$120$140

Rho / rate pt

small at 30 days

0.0860.000$60$80$100$120$140

Break-even $108 at expiration. Teaching Black–Scholes — not a live quote.

Try it: What if (teaching lab)

Tickets for this structure

BTO (buy to open) · STO (sell to open) · BTC (buy to close) · STC (sell to close). Illustrative fills only. We never send these orders.

BTO (buy to open)

Open a long

Buy to open

TSLA $250. BTO (buy to open) 1× 21-DTE (days to expiration) $260 call at $6.00 ($600). Break-even $266. You are long.

STC (sell to close)

Close a long

Sell to close

TSLA $280, call $22. STC (sell to close) at $22. P/L (profit and loss) = +$1,600. Flat.

STO (sell to open)

Open a short

Sell to open

STO (sell to open) the $260 call is a short call — not a long-call open.

BTC (buy to close)

Close a short

Buy to close

BTC (buy to close) is the short’s exit. If you only BTO’d (buy to open), you STC (sell to close). TSLA $255 at expiration: call dies, −$600.

One expiration check

TSLA $280 at expiration: call $20, hold P/L (profit and loss) +$1,400. $255: worthless, −$600. 100 shares at $250 would have tied up $25,000.

How the Greeks move

Long call: positive delta, you pay theta, you own vega. Slide days down: gamma and theta jump near $105. The call can die; 100 shares cannot.

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Teaching numbers only — not a live quote, not a fill, not financial advice. All lessons · Back to Practice · Replay · Journal.