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For every penny above the $76 level the stock trades your loss in the $75 call option you sold is offset coming from the gain in the $76 call option you bought.
So a little quick math assuming you might be doing this trade with 10 option contracts. Your profit over 31 days is $410. Your maximum risk is $590. This can be the breakeven price $75.42 devoid of the option you hold $76 - then multiplied by 100 for every option get.
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