Course Content
1. Generating Income from a Falling Market
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Lesson 1.1: Introduction – The Smart Bear’s Income
Lesson 1.2: Construction – The SPY Example
Lesson 1.3: The ‘Safety Net’ (Vertical Spread)
2. The Math of the Engine (Risk, Reward, and ROI)
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Lesson 2.1: Max Profit & Max Risk
Lesson 2.2: The Breakeven & ‘Upside Leeway’
Lesson 2.3: Return on Investment (ROI)
3. The Greeks of the Income Engine
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Lesson 3.1: Net Theta – Your Daily Paycheck
Lesson 3.2: Net Delta – The ‘Ceiling’ Bias
Lesson 3.3: Net Vega – The ‘Fear’ Factor
4. Professional Management & The 50% Rule
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Lesson 4.1: The ‘50% Rule’ – Lock in the Win
Lesson 4.2: Handling the Three Expiration Scenarios
Lesson 4.3: Assignment Risk & The ‘Pin’
Bear Call Spread Quiz
5. Course Graduation & Your Income Roadmap
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Lesson 5.1: The ‘House Edge’ Summary
Lesson 5.2: Your Next Steps to Consistency
The Bear Call Income Engine

In our SPY $700/$704 example, the numbers are locked in the moment you transmit the trade.

  • Max Profit: This is simply the Net Credit you received upfront.

    • $0.83 ($83.00 per contract).

  • Max Risk: This is the width of the strikes minus the credit you already kept.

    • $704 – $700 = $4.00 (Width)

    • $4.00 – $0.83 = $3.17 ($317.00 per contract).

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