8.7 Bear Spread Using Puts Figure 8.5, page 190 requires an initial investment Profit e"""" Options, Futures, and Other Derivatives, 4th edition@ 2000 by John C. Hull Tang Yincai, C 2003, Shanghai Normal UniversityOptions, Futures, and Other Derivatives, 4th edition © 2000 by John C. Hull Tang Yincai, © 2003, Shanghai Normal University 8.7 Bear Spread Using Puts Figure 8.5, page 190 X1 X2 Profit ST -- requires an initial investment