Put or call option.
How is the max profit/loss in both these conditions? Shouldnt using puts give you more of an upside?
A bear spread is a bear spread.
If the payoffs were different, there would be an arbitrage opportunity.
But when you buy put at lower price you have a payoff that you can sell at that price even though price is lower…
For a call you are shorting at the lower strike price…which means your upside is just the premium received…