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The Bear Put Spread and the Bull Call Spread are called debit spread option strategies. In a debit spread strategy, a trader purchases an option with a higher premium and sells another option for the same underlying security with a lower premium. The strategy results in a net debit (Premium of the purchased option minus the premium of the sold option).
The bear put spread is created by simultaneously buying a put option on a particular stock and writing or selling a put option on the same stock and with the same expiration month. The option sold must have a lower strike price that purchased option.
The maximum profit and the maximum loss of the bear put spread strategy are limited. The maximum profit is the difference between the strike prices (The strike price of the purchased option minus the strike price of the sold option) minus the net debit paid and minus the commissions paid, while the maximum loss is simply the net debit paid plus the commissions paid.
Potential bear put spread candidates (U.S. options) are downloaded and stored in the "bear_put_spread" database.
The database contains the following fields:
Stock Price, Spread Value, Return, Probability Of Max Return (the probability that the bear put spread strategy achieves the maximum profit), Long put option, Long option type (whether the long option is a call or a put), Strike, Expiry, Option Ask Price, Volume, Open Interest, Short put Option, Strike of the sold put, Expiry of the sold put, Option Bid of the sold put, Volume of the sold put, Open Interest of the sold put