Question: How spread can be used as a options hedging strategy to reduce options hedging costs while being able to maximise profits ? < <

How spread can be used as a options hedging strategyto reduce options hedging costs while being able to maximise profits?<<<==== the bolded words has to be answered in details

(Have to include Bull spread, Bear spread and butterfly spread)

*at least 500 words answer*

(Required to elaborate more

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