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+Chapter 7: Bull Spreads 173 
+Moreover, there is a break-even point that always lies between the two striking prices 
+at expiration. In this example, the break-even point is 32. All bull spreads have prof­
+it graphs with the same shape as the one shown in Figure 7-1 when the expiration 
+dates are the same for both calls. 
+The investor who establishes this position is bullish on the underlying stock, but 
+is generally looking for a way to hedge himself. If he were rampantly bullish, he 
+TABLE 7-1. 
+Results at expiration of bull spread. 
+XYZ Price of 
+Expiration 
+25 
+30 
+32 
+35 
+40 
+45 
+FIGURE 7-1. 
+Bull spread. 
+c: +$300 
+.Q 
+~ 
+-~ 
+w 
+October 30 
+Profit 
+-$ 300 
+- 300 
+100 
++ 200 
++ 700 
++ 1,200 
+October 35 
+Profit 
++$100 
++ 100 
++ 100 
++ 100 
+- 400 
+- 900 
+,, 
+,,,' 
+;ff 
+,,,' 
+,,' 
+iii 
+~ 
+,,,,' 
+$01---------'----J...__.... _ ___. _____ _ 
+30 3:?,,' 35 
+0 ::: -$200 
+e 0..-$300 
+, , 
+..------,,,,,' 
+Call Purchase 
+•-----------,' 
+Stock Price at Expiration 
+Total 
+Profit 
+-$200 
+- 200 
+0 
++ 300 
++ 300 
++ 300