If the price exceeds the long call's strike price of $ 50, your maximum loss is still $ 400. (creditdonkey.com)
We like to buy them at a discount to what we believe their fair value is, and then sell call options with strike prices equal to what we feel their fair value is. (borntosell.com)
You do that by choosing appropriate strike prices for the options spreads you choose. (blog.mdwoptions.com)