Bull Spread

Bull Spread (Call)

A.K.A. Bull Call Spread

Opinion: Bullish to very Bullish.

Example:
Long 1 Oct 60 Call @ 5 1/8
Short 1 Oct 65 Call @ 3 1/8

Description: A Bull Call Spread is a type of Vertical Spread. It contains two Call options with different strikes. The lowest strike option is the long Call. The short Call’s strike is one of the strike prices above the long Call.

Bull Spread (Put)

A.K.A. Bull Put Spread

Opinion: Bullish to very Bullish.

Example:
Long 1 Oct 60 Put @ 4 1/4
Short 1 Oct 65 Put @ 7 1/4

Description: A Bull Put Spread is a type of Vertical Spread. It contains two Put options with different strikes. The higher strike option is the short Put while the lower strike Put is one of the strike prices below the short Put. This strategy is equivalent to the Bull Call Spread, but is done for a credit!