Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

how do I calculate rate of return on call options that are spread
You don't necessarily have to use a LEAP to do a spread. Since you are doing a covered call, I'm assuming that you would be comfortable with having that call exercised and you are bullish on the stock. So doing a spread trade with the short call option would essentially be capping your maximum profit without risking the obligation to sell the stock below market value.  An example for the payoff from a bull call spread: long lower strike call, short higher (covered) strike call can be found here