Anavex Life Sciences Corp (AVXL)

[Steady_T]

You are correct about waiting for the SP to climb before buying the $25 options.
The point of the bull spread is to limit the out of pocket costs to pick up more leverage.
For a fixed amount of money to invest, the spread beats buying just the $10 options until the share price is up to about $43/sh.

Modeling the return has challenges because the time costs of options varies as the expiration date gets closer.