What is a Box Spread? An options box spread is a type of options strategy that involves simultaneously buying and selling of two different option contracts with the same expiration date, but different strike prices. The goal of the strategy is to create a “box” where the options bought and sold cancel each other out and the investor profits from the spread between the two strike prices. Related articles What are Protective Puts? What is a Bull Call Spread? What is a Strip Strangle and a Strip Straddle? Gamma Squeeze What is a Gamma Profile?