A "box call" is a type of options trading strategy that involves creating a position with both a long and short option. This strategy typically consists of buying a call option and a put option at the same strike price and expiration date, while simultaneously selling the same options. The goal is to create a risk-free position that can profit from arbitrage opportunities in the market. Box calls are often used by traders to lock in profits or hedge against potential losses. This strategy is considered low-risk because the gains and losses from the long and short positions offset each other. However, it requires a significant amount of capital and is usually employed by more experienced traders in the financial markets.