After reading through my broker's site and various other sources of information, I'm ready to 'take the plunge' and try my hand at a spread or two after a while of doing simple call/put options trading. Using my broker's Strategy Scan to generate some ideas, I came across something that sounds "too good to be true" and I want to make sure I'm not misunderstanding or overlooking something. Taking a slightly-bullish but mostly risk-adverse position, I may want to enter a Bullish Call Spread on ICE (currently trading $127.87) Buy 30 MAY 120 Calls @ 13.00 Sell 30 MAY 125 Calls @ 9.70 Max Risk 9,900, Max Gain 5,100. Total Investment: 9,900. But I'm puzzled -- the Strategy Scan shows the BEP for this transaction is $123.30 and that if the price of the underlying ICE share is $125 or greater, my gain is $5,100. As long as ICE stays at $123.31 or higher, I'm "in the green" with my maximum gain being reached when ICE is at $125 or higher. But here's my question: if the current ICE share price is $127.87, does that mean that once this Bullish Call Spread is opened, it's already "in the green" and actually realizing this $5,100 gain? That sounds too good to be true, because if so, I could get the order filled and flip it right away for a $5,100 gain. (Somehow I doubt that --- there's no such thing as free money!) Am I missing something here? I've also seen a similar "phenomenon" using a bunch of different stock symbols and strategies -- ie Long Butterflies -- where the underlying's current price is between the spread's BEP and maximum profit price, thus suggesting that you might start off with some degree of profitability right away....which is why I'm MORE than a little skeptical about this! Thanks in advance for any insights or clarification.