Bear Put Spread...做法 (圖)

STRATEGY	Bear Put Spread
MARKET OPINION	Bearish
MARKET POSITION	Sell a lower strike price put and buy a higher strike price put on the same commodity with the same expiration date
OPTION STRATEGY DEBIT/CREDIT	Net debit [premium received is less than premium paid]
PROFIT POTENTIAL	Limited to the [difference between the strike prices] minus the net debit
PROFIT POINT	Any futures price above the [higher strike price minus net debit]; Maximum profit point is any futures price at or below the lower strike price
LOSS POTENTIAL	Limited to the net debit
LOSS POINT	Any futures price above the [higher strike price minus net debit]; maximum loss point is any futures price at or above the higher strike price
BREAK-EVEN-POINT	Higher strike price - net debit
MARGIN REQUIRED	No
DELTA	[Delta of put bought]-[Delta of put sold]