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+CHAPTER 7 
+Bull Spreads 
+The bull spread is one of the most popular forms of spreading. In this type of spread, 
+one buys a call at a certain striking price and sells a call at a higher striking price. 
+Generally, both options have the same expiration date. This is a vertical spread. A bull 
+spread tends to be profitable if the underlying stock rrwves up in price; hence, it is a 
+bullish position. The spread has both limited profit potential and limited risk. 
+Although both can be substantial percentagewise, the risk can never exceed the net 
+investment. In fact, a bull spread requires a smaller dollar investment and therefore 
+has a smaller maximum dollar loss potential than does an outright call purchase of a 
+similar call. 
+Example: The following prices exist: 
+XYZ common, 32; 
+XYZ October 30 call, 3; and 
+XYZ October 35 call, 1. 
+A bull spread would be established by buying the October 30 call and simultaneous­
+ly selling the October 35 call. Assume that this could be done at the indicated 2-point 
+debit. A call bull spread is always a debit transaction, since the call with the lower 
+striking price must always trade for more than a call with a higher price, if both have 
+the same expiration date. Table 7-1 and Figure 7-1 depict the results of this transac­
+tion at expiration. The indicated call profits or losses would be realized if the calls 
+were liquidated at parity at expiration. Note that the spread has a maximum profit 
+and this profit is realized if the stock is anywhere above the higher striking price at 
+expiration. The maxipmm loss is realized if the stock is anywhere below the lower 
+strike at expiration, and is equal to the net investment, 2 points in this example. 
+172