Symmetry of payouts for bull spreads - and bear spreads.

 

After factoring in premiums, a bull call spread has the same payout of a bull put spread. The same is true for the sum of equal strikes bear call and bear put spreads.

 

The factoring in of premiums needs to be performed in a future value basis for the symmetry to hold.

 

Note how the combined payout of a vertical spread and its premiums is determined by the relative location of the strikes that an investor is long and short, and not by the type of option used to initiate the spread.