Notes

Bear call spreads are made by purchasing two call options, one long and one short, at different strike prices but with the same expiration date.
Bear call spreads are considered limited-risk and limited-reward because traders can contain their losses or realize reduced profits by using this strategy. The limits of their profits and losses are determined by the strike prices of their call options.




A bull spread is an optimistic options strategy used when the investor expects a moderate rise in the price of the underlying asset.
Bull spreads come in two types: bull call spreads, which use call options, and bull put spreads, which use put options.
Bull spreads involve simultaneously buying and selling options with the same expiration date on the same asset, but at different strike prices.
Bull spreads achieve maximum profit if the underlying asset closes at or above the higher strike price.