Bull spread
（重定向自Bull vertical spread）
![Payoffs from a bull call spread](/Images/godic/202501/02/BullSpreadCalls0806.jpg")
![A bull spread can be constructed using two call options.](/Images/godic/202501/02/Bull_spread_using_calls0806.png")
In options trading, a bull spread is a bullish, vertical spread options strategy that is designed to profit from a moderate rise in the price of the underlying security.
Because of put-call parity, a bull spread can be constructed using either put options or call options. If constructed using calls, it is a bull call spread. If constructed using puts, it is a bull put spread.