Vertical spreads

In options trading, a vertical spread is an options strategy involving buying and selling of multiple options of the same underlying security, same expiration date, but at different strike prices. They can be created with either all calls or all puts.
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Also known as a price spread, is constructed with options having the same expiration months. This can be done with either calls or puts. See Bear call spread, Bull call spread, Bear put spread, and Bull put spread.