What is a Bear Put Spread? This strategy involves buying a put option with a higher strike price and selling a put option with a lower strike price. Both options are on the same underlying security and have the same expiration date. This strategy is used when the trader expects the underlying security to fall in price. Related articles What is a Bull Call Spread? What is a Box Spread? What are Married Puts? What is the SpotGamma Absolute Gamma Strike (ABS)? What are Zero Gamma Levels?