A super bull is a bullish strategy that is the combination of a long call spread (usually around ATM) and a short OTM put. Each of these legs is bullish on its own, but having both positions on simultaneously creates the “super bull”. Our goal is obviously for the underlying to move higher. The most we can make on this strategy is the width of the call spread +/- the credit or debit on the original position. If we originally put on the trade for a credit, then our max gain is the width of the call spread + that credit. If we originally put on the trade for a debit, then our max gain is the width of the call spread – that debit. The most we can lose is effectively unlimited due to the nature of the short naked option.
The appeal of the super bull strategy is that you are financing the cost of your call spread with that short put, so we typically look to put this trade on for a credit. This allows us to still profit (or at least not lose) if the underlying doesn’t move higher, or if the underlying even floats a little lower. This strategy is a favorite of ours during earnings cycles.