Description. Selling a call calendar spread consists of buying one call option and selling a second call option with a more distant expiration. The strategy most. A bear call spread is a bearish options strategy used to profit from a decline in Selling a stock short theoretically has unlimited risk if the stock moves higher. The short call spread (or "bear call spread") is a strategy employed by traders who expect a stock to move sideways, or decline slightly, during the time span of .