This is a combination of two spreads, one a bull spread and the other a bear spread.

Because of put-call parity, a bull spread can be constructed using either put options or call options.

If a spread is designed to profit from a rise in the price of the underlying security, it is a bull spread.

It will be assumed that the trader is long in the far contract and short in the near contract (a bull spread).

Thus Stanley opens a bear spread for March and June and a bull spread for June and September.

The Bull Put Credit Spread (see bull spread) is a bullish strategy and consists of selling a put option and purchasing a put option for the same stock or index at differing strike prices for the same expiration.