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+332 Part Ill: Put Option Strategies 
+so. Thus, the spread would have widened to 8 points. Call bear spreads often do not 
+produce a similar result on a short-term downward movement. Since the call spread 
+involves being short a call with a lower striking price, this call may actually pick up 
+time value premium as the stock falls close to the lower strike. Thus, even though the 
+call spread might have a similar profit at expiration, it often will not perform as well 
+on a quick downward movement. 
+For these two reasons - less chance of early exercise and better profits on a 
+short-term movement - the put bear spread is superior to the call bear spread. Some 
+investors still prefer to use the call spread, since it is established for a credit and thus 
+does not require a cash investment. This is a rather weak reason to avoid the superi­
+or put spread and should not be an overriding consideration. Note that the margin 
+requirement for a call bear spread will result in a reduction of one's buying power by 
+an amount approximately equal to the debit required for a similar put bear spread. 
+(The margin required for a call bear spread is the difference between the striking 
+prices less the credit received from the spread.) Thus, the only accounts that gain any 
+substantial advantage from a credit spread are those that are near the minimum equi­
+ty requirement to begin with. For most brokerage firms, the minimum equity 
+requirement for spreads is $2,000. 
+BULL SPREAD 
+A bull spread can be established with put options by buying a put at a lower striking 
+price and simultaneously selling a put with a higher striking price. This, again, is the 
+same way a bull spread was constructed with calls: selling the higher strike and buy­
+ing the lower strike. 
+Example: The same prices can be used: 
+XYZ common, 55; 
+XYZ January 50 put, 2; and 
+XYZ January 60 put, 7. 
+The bull spread is constructed by buying the January 50 put and selling the January 
+60 put. This is a credit spread. The credit is 5 points in this example. If the underly­
+ing stock advances by January expiration and is anywhere above 60 at that time, the 
+maximum profit potential of the spread will be realized. In that case, with XYZ any­
+where above 60, both puts would expire worthless and the spreader would make a 
+profit of the entire credit - 5 points in this example. Thus, the maximum profit poten­
+tial is limited, and the maximum profit occurs if the underlying stock rises in price