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training_data/curated/text/9270aa3f6688478cb51c80a25cbdd164e8263efaa74453515449d9defa64ad7e.txt

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+the put becomes long stock, profiting with each tick higher up to $80, or
+losing with each tick lower to $75. If the 80 put is assigned, the effective
+price of the long stock will be $78.70. The assignment will “hit your sheets”
+as a buy at $80, but the 1.30 credit lowers the effective net cost to $78.70.
+If the stock is below $75 at option expiration, both puts will be ITM. This
+is the worst case scenario, because the higher-struck put was sold. At
+expiration, the 80 puts would be assigned, the 75 puts exercised. That’s a
+negative scalp of $5 on the resulting stock. The initial credit lessens the pain
+by 1.30. The maximum possible loss with ExxonMobil below both strikes
+at expiration is $3.70 per spread.
+The spread in this example is the flip side of the bear put spread of the
+previous example. Instead of buying the spread, as with the bear put, the
+spread in this case is sold.
+Exhibit 9.11 shows the analytics for the bull put spread.
+EXHIBIT 9.11 Greeks for ExxonMobil 75–80 bull put spread.
+Instead of having a short delta, as with the bear spread, the bull spread is
+long delta. There is negative theta with positive gamma and vega as XOM
+approaches the long strike—the 75s, in this case. There is also positive theta
+with negative gamma and vega around the short strike—the 80s.
+Exhibit 9.11 shows the characteristics that define the vertical spread. If
+one didn’t know which particular options were being traded here, this could
+almost be a table of greeks for either a 75–80 bull put spread or a 75–80
+bull call spread.
+Like the other three verticals, this spread can be a delta play or a theta
+play. A bullish trader may sell the spread if both puts are in-the-money.
+Imagine that XOM is trading at around $75. The spread will have a positive