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The 0DTE Call Credit Spread (Bear Call Spread)
The call credit spread is the bearish-or-flat mirror of the put credit spread — get paid if SPY simply doesn’t rally.
NoVo Options Trading · 2026
Educational only, not financial advice or a strategy recommendation. Options strategies carry risk, including of substantial loss. NoVo trades long single options; the strategies here are explained for understanding, not endorsed.
A 0DTE call credit spread (bear call spread) sells a call and buys a higher call — collecting premium and profiting if SPY stays below the short strike. It’s the bearish-or-neutral mirror of the put credit spread.
How it works
Sell a call above the market, buy a further-OTM call for protection — net credit. If SPY stays below the short call into expiration, both expire worthless and you keep the credit. You profit from a falling, flat, or even slightly rising market — you just need SPY to hold below your short strike. The long call caps the loss.
Why and when
Traders use it for a bearish-to-neutral view with resistance above (short strike placed above the call wall). It profits from decay and doesn’t need a big down-move. The risk: a sharp rally through the short strike loses multiples of the credit — and a vanna melt-up can do that faster than expected on 0DTE.
A call credit spread gets paid for SPY not rallying — bearish, neutral, or mildly bullish all work, as long as price stays below your short call.
How NoVo differs
Instead of selling a call spread for a bearish view, NoVo would buy a put (long premium, defined risk = cost). The call credit spread is a valid premium-selling structure with a different risk profile from NoVo’s long-premium approach. Combine it with a put credit spread and you have an iron condor.
More on this: The 0DTE Butterfly: A Low-Cost, Defined-Risk Bet on a Target · The Box Spread, Explained (and How Traders Blew Up With It)
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NoVo is a software tool for market analysis and for executing trades you initiate, not financial advice. This article is general education, not investment advice. Options trading involves substantial risk of loss, up to and including your entire capital. NoVo makes no guarantee of profit, win rate, or performance, and past results do not predict future outcomes. You are responsible for your own broker account, configuration, and trading decisions.