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+Chapter 22: Basic Put Spreads 335 
+make the I-point profit from the sale of that put, reducing his net cost for the April 
+50 put to ½ point. Then, he would become bearish, hoping for the underlying stock 
+to decline in price substantially before April expiration in order that he might be able 
+to generate large profits on the April 50 put he holds. 
+Just as the bullish calendar spread with calls can be a relatively attractive strat­
+egy, so can the bearish calendar spread with puts. Granted, two criteria have to be 
+fulfilled in order for the position to work to the optimum: The near-term put must 
+expire worthless, and then the underlying stock must drop in order to generate prof­
+its on the long side. Although these conditions may not occur frequently, one prof­
+itable situation can more than make up for several losing ones. This is true because 
+the initial debit for a bearish calendar spread is small, ½ point in the example above. 
+Thus, the losses will be small and the potential profits could be very large if things 
+work out right. 
+The aggressive spreader must be careful not to "leg out" of his spread, since he 
+could generate a large loss by doing so. The object of the strategy is to accept a rather 
+large number of small losses, with the idea that the infrequent large profits will more 
+than offset the sum of the losses. If one generates a large loss somewhere along the 
+way, this may ruin the overall strategy. Also, if the underlying stock should fall to the 
+striking price before the near-term put expires, the spread will normally have 
+widened enough to produce a small profit; that profit should be taken by closing the 
+spread at that time.