A Bull Put Spread involves selling a put option and buying another put option with a lower strike price, both with the same expiration date. This strategy is used when you expect the underlying asset to rise or stay above a certain price. The goal is to profit from the premium received, with limited risk.
A Bear Call Spread involves selling a call option and buying another call option with a higher strike price, both with the same expiration date. This strategy is used when you expect the underlying asset to fall or stay below a certain price. The goal is to profit from the premium received, with limited risk.