Box Spreads

Popular Strategies

Strategy Groups

By Exposure

Option Strategies in General

All of Macroption

Box spreads are arbitrage option strategies with four legs: long call and short put (both with the same strike), combined with short call and long put (also with the same strike). Depending on the order of strikes, the box spread is either long (debit) or short (credit).

Box Spreads as Combinations of Vertical Spreads

Each box spread can also be considered a combination of two vertical spreads with matching strikes:

Bull call spread + bear put spread = long box spread

Bear call spread + bull put spread = short box spread

All»Option Strategies

All Option Strategies A-Z

Popular Strategies

Strategy Groups

By Exposure

Option Strategies in General

All of Macroption

By remaining on this website or using its content, you confirm that you have read and agree with the Terms of Use Agreement.

We are not liable for any damages resulting from using this website. Any information may be inaccurate or incomplete. See full Limitation of Liability.

Content may include affiliate links, which means we may earn commission if you buy on the linked website. See full Affiliate and Referral Disclosure.

We use cookies and similar technology to improve user experience and analyze traffic. See full Cookie Policy.

See also Privacy Policy on how we collect and handle user data.