A spread strategy used in options and futures trading that is designed to capitalize on expected price appreciation.

A bull spread using call options is created by buying a call option on an asset with a certain strike price and selling a call option on the same asset with a higher strike price (same expiration date).

A bull spread with put options is created by buying a put option with a low strike and selling a put option with a high strike price (same expiration date).

Less frequently, the bull spread is implemented by buying the nearby futures contract and selling the next out contract.