8.5 Bull Spread Using puts Figure 8.3, page 189 involves a positive cash flow Profit X 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 8.5 Bull Spread Using Puts Figure 8.3, page 189 X1 X2 Profit ST -- involves a positive cash flow