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+Chapter 22: Basic Put Spreads 331 
+TABLE 22-1. 
+Put bear spread. 
+XYZ Price at January 50 January 60 Total 
+Expiration Put Profit Put Profit Profit 
+40 -$800 +$1,300 +$500 
+45 - 300 + 800 + 500 
+50 + 200 + 300 + 500 
+55 + 200 200 0 
+60 + 200 700 - 500 
+70 + 200 700 - 500 
+80 + 200 700 - 500 
+FIGURE 22-1. 
+Put bear spread. 
+Stock Price at Expiration 
+Beside this difference in the probability of early exercise, the put bear spread 
+holds another advantage over the call bear spread. In the put spread, if the underly­
+ing stock drops quickly, thereby making both options in-the-rrwney, the spread will 
+normally widen quickly as well. This is because, as has been mentioned previously, 
+put options tend to lose time value premium rather quickly when they go into-the­
+money. In the example above, if XYZ rapidly dropped to 48, the January 60 put would 
+be near 12, retaining very little time premium. However, the January 50 put that is 
+short would also not retain much time value premium, perhaps selling at 4 points or