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training_data/curated/text/e9d6f66bb7392bc3fc1b5c05683ed60d008d044ec3872f08da684918e4c67622.txt

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+342 Part Ill: Put Option Strategies 
+FIGURE 23-2. 
+Put buy and call credit (bear) spread. 
++$1,000 Halfway to Expiration 
+/ 
+Stock 
+0 60 110 
+-e a. 
+-$1,000 At Expiration 
+-$2,000 
+The curved line on Figure 23-2 shows how the three-way spread would behave 
+if one looked at it halfway to its expiration date. In that case, it has a curved appear­
+ance much like the outright purchase of a put option. 
+Thus, this strategy could be appealing to bearishly-oriented traders, especially 
+when the options are expensive. It might have certain advantages over an outright put 
+purchase in that case, but it does require a larger margin investment and has theo­
+retically larger risk. 
+A SIMPLE FOLLOW-UP ACTION 
+FOR BULL OR BEAR SPREADS 
+Another way of combining puts and calls in a spread can sometimes be used when 
+one has a bull or bear spread already in place. Suppose that one owns a call bull 
+spread and the underlying stock has advanced nicely. In fact, it is above both of the 
+strikes used in the spread. However, as is often the case, the bull spread may not have 
+widened out to its maximum profit potential. One can use the puts for two purposes 
+at this point: (1) to determine whether the call spread is trading at a "reasonable" 
+value, and (2) to try to lock in some profits. First, let's look at an example of the "rea­
+sonable value" verification.