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+Bear Put Spread
+There is another way to take a bearish stance with vertical spreads: the bear
+put spread. A bear put spread is a long put plus a short put that has a lower
+strike price. Both puts are on the same underlying and share the same
+expiration month. This spread, however, is a debit spread because the more
+expensive option is being purchased.
+Imagine that a stock has had a good run-up in price. The chart shows a
+steady march higher over the past couple of months. A study of technical
+analysis, though, shows that the run-up may be pausing for breath. An
+oscillator, such as slow stochastics, in combination with the relative
+strength index (RSI), indicates that the stock is overbought. At the same
+time, the average directional movement index (ADX) confirms that the
+uptrend is slowing.
+For traders looking for a small pullback, a bear put spread can be an
+excellent strategy. The goal is to see the stock drift down to the short strike.
+So, like the other members of the vertical spread family, strike selection is
+important.
+Let’s look at an example of ExxonMobil (XOM). After the stock has
+rallied over a two-month period to $80.55, a trader believes there will be a
+short-term temporary pullback to $75. Instead of buying the June 80 puts
+for 1.75, the trader can buy the 75–80 put spread of the same month for
+1.30 because the 75 put can be sold for 0.45. 1
+In this example, the June put has 40 days until expiration. Exhibit 9.7
+illustrates the payout at expiration.