Create a Bull Spread using Put options Strategy Long a Put with strike price 180 at Ask Write a Put with strike price 220 at Bid Strike price Option price 180 41.9 220 61.2 Long a Put Pavoff Profit Write a Put Paoff Profit Bull Spread (Put) Paoff Profit Bull Spread Using Put Options 12 1 0.8 0.6 Stock (P) Price 100 120 140 160 180 200 220 240 260 280 300 0.4 0.2 0 0 100 120 140 160 180 200 220 240 260 280 300 --- Long a Put --- Write a Put -Bull Spread (Put) Q: Please describe the situation in which this strategy is appropriate to be taken. A