Bull spread

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.
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A spread strategy in which an investor buys an out-of-the-money put option, financing it by selling an out-of-the money call option on the same underlying security.

The purchase of near month futures contracts against the sale of deferred month futures contracts in expectation of a price rise in the near month relative to the deferred. One type of bull spread, the limited risk spread, is placed only when the market is near full carrying charges. See Limited risk spread.