Bear spread
（重定向自Bear Put Spread）
![Profit diagram of a bear spread using put options](/Images/godic/202412/23/Bear_spread_using_puts0510.png")
In options trading, a bear spread is a bearish, vertical spread options strategy that can be used when the options trader is moderately bearish on the underlying security.
Because of put-call parity, a bear spread can be constructed using either put options or call options. If constructed using calls, it is a bear call spread. If constructed using puts, it is a bear put spread.