1.   The cost of the call reduces the profit position when S far less than E and limits the maximum profit to E -- C.

2.   The bullish money spread consists of a purchased call with a low exercise price and a written call with a high exercise price.

3.   Thus as the share price rises above E L the purchased call starts to earn profits before the written call makes losses when S greater than E H.

4.   The written call having the low exercise price starts to make a loss before the purchased call starts to make a profit.

5.   The bullish spread has a purchased call on the low exercise price and a call written on the middle exercise price.