What is a Bull Call Spread? This strategy involves buying a call option with a lower strike price and selling a call option with a higher strike price. Both options are on the same underlying security and have the same expiration date. This strategy is used when the trader expects the underlying security to rise in price. Related articles What is a Box Spread? Gamma Squeeze What is a Bear Put Spread? What is Charm? What is Implied Volatility Related to Skew?