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+A Complete Guide to the Futures mArket
+Strategy 20b: bull put Money Spread (Long put with Lower Strike 
+price/Short put with higher Strike price)—Case 2
+example. Buy an August $1,100 gold futures put at a premium of $10.10/oz ($1,010) and simul-
+taneously sell an August $1,200 put at a premium of $38.70/oz ($3,870), with August gold futures 
+trading at $1,200/oz. (See Table 35.20b and Figure 35.20b.)
+Comment. In contrast to Case 1, which involved two in-the-money puts, this strategy is based on 
+a long out-of-the-money put versus a short at-the-money put spread. In a sense, this strategy can 
+be viewed as a short at-the-money put position with a built-in stop. (The purchase of the out-of-
+the-money put serves to limit the maximum possible loss in the event of a large price decline.) This 
+risk limitation is achieved at the expense of a reduction in the net premium received. This trade-off  
+between risk exposure and the amount of premium received is illustrated in Figure 35.20b, which 
+compares the outright short at-the-money put position to this spread strategy.
+Strategy 21: bear put Money Spread (Short put with Lower Strike 
+price/Long put with higher Strike price)
+example. Sell an August $1,100 gold futures put at a premium of $10.10/oz ($1,010) and simul-
+taneously buy an August $1,150 put at a premium of $19.90/oz ($1,990), with August gold futures 
+trading at $1,200/oz. (See Table 35.21 and Figure 35.21.)
+Comment. This is a debit bear spread using puts instead of calls. The maximum risk is equal to the 
+difference between the premium paid for the long put and the premium received for the short put. The  
+maximum gain equals the difference between the two strike prices minus the difference between  
+the premiums. The maximum loss will occur if prices fail to decline to at least the higher strike price. 
+The maximum gain will be achieved if prices decline to the lower strike price. The profit/loss profile of 
+this spread is approximately equivalent to the profile of the bear call money spread (see Figure 35.19a).
+tabLe 35.20b  profit/Loss Calculations: bull put Money Spread (Long put with Lower Strike price/Short put 
+with higher Strike price); Case 2—Long Out-of-the-Money put/Short at-the-Money put
+(1) (2) (3) (4) (5) (6) (7) (8)
+Futures price 
+at expiration 
+($/oz)
+premium of 
+august $1,100 
+put ($/oz)
+Dollar 
+amount of 
+premium paid
+premium of 
+august $1,200 
+put ($/oz)
+Dollar amount 
+of premium 
+received
+Value of 
+$1,100 put at 
+expiration
+Value of 
+$1,200 put at 
+expiration
+profit/Loss on 
+position  
+[(5) − (3) + (6) − (7)]
+1,000 10.1 $1,010 38.7 $3,870 $10,000 $20,000 –$7,140
+1,050 10.1 $1,010 38.7 $3,870 $5,000 $15,000 –$7,140
+1,100 10.1 $1,010 38.7 $3,870 $0 $10,000 –$7,140
+1,150 10.1 $1,010 38.7 $3,870 $0 $5,000 –$2,140
+1,200 10.1 $1,010 38.7 $3,870 $0 $0 $2,860
+1,250 10.1 $1,010 38.7 $3,870 $0 $0 $2,860
+1,300 10.1 $1,010 38.7 $3,870 $0 $0 $2,860
+1,350 10.1 $1,010 38.7 $3,870 $0 $0 $2,860
+1,400 10.1 $1,010 38.7 $3,870 $0 $0 $2,860