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+Chapter 7: Bull Spreads 175 
+DEGREES OF AGGRESSIVENESS 
+AGGRESSIVE BULL SPREAD 
+Depending on how the bull spread is constructed, it may be an extremely aggressive 
+or more conservative position. The most commonly used bull spread is of the aggres­
+sive type; the stock is generally well below the higher striking price when the spread 
+is established. This aggressive bull spread generally has the ability to generate sub­
+stantial percentage returns if the underlying stock should rise in price far enough by 
+expiration. Aggressive bull spreads are most attractive when the underlying common 
+stock is relatively close to the lower striking price at the time the spread is established. 
+A bull spread established under these conditions will generally be a low-cost spread 
+with substantial profit potential, even after commissions are included. 
+EXTREMELY AGGRESSIVE BULL SPREAD 
+An extremely aggressive type of bull spread is the "out-of-the-money" spread. In such 
+a spread, both calls are out-of-the-money when the spread is established. These 
+spreads are extremely inexpensive to establish and have large potential profits if the 
+stock should climb to the higher striking price by expiration. However, they are usu­
+ally quite deceptive in nature. The underlying stock has only a relatively remote 
+chance of advancing such a great deal by expiration, and the spreader could realize a 
+100% loss of his investment even if the underlying stock advances moderately, since 
+both calls are out-of-the-money. This spread is akin to buying a deeply out-of-the­
+money call as an outright speculation. It is not recommended that such a strategy be 
+pursued with more than a very small percentage of one's speculative funds. 
+LEAST AGGRESSIVE BULL SPREAD 
+Another type of bull spread can be found occasionally - the "in-the-money" spread. 
+In this situation, both calls are in-the-money. This is a much less aggressive position, 
+since it offers a large probability of realizing the maximum profit potential, although 
+that profit potential will be substantially smaller than the profit potentials offered by 
+the more aggressive bull spreads. 
+Example: XYZ is at 37 some time before expiration, and the October 30 call is at 7 
+while the October 35 call is at 4. Both calls are in-the-money and the spread would 
+cost 3 points (debit) to establish. The maximum profit potential is 2 points, but it 
+would be realized as long as XYZ were above 35 at expiration. That is, XYZ could fall 
+by 2 points and the spreader would still make his maximum profit. This is certainly a 
+more conservative position than the aggressive spread described above. The com-