8.6 Bear Spread Using Calls Figure 8.4, page 189 Profi involves a positive cash flow 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 8.6 Bear Spread Using Calls Figure 8.4, page 189 X1 X2 Profi t ST -- involves a positive cash flow