The sensitivity that refers to the volatility of an option. In general, the more time remaining until expiration, the more sensitive is the option to a change in underlying volatility. Vertical Bear Spread - A market position that consists of long a put option and short another put option that is further out of the money, in the same month. This position results in a debit to your account and has a maximum loss and maximum profit as a profile. Vertical Bull Spread - A market position similar to a bear spread, only that it is constructed with calls.
Risk is limited and profit is limited as well to the difference between the two strike prices.