An options spread in which one option is bought and another is sold of the same expiry date but of different strike price. These trades can either be put on for a debit (a bet on direction/price movement) or for a credit (a bet that the underlying will not move to a specific price).

An options spread in which one option is bought and another is sold of the same expiry date but of different strike price. These trades can either be put on for a debit (a bet on direction/price movement) or for a credit (a bet that the underlying will not move to a specific price).