The profit from a put bear spread strategy when both options are out of the money is A)-X₁ + S_T + P₁ + X₂ - S_T - P₂ B)-X₁ + S_T + P₁ - P₂ C)X₁ - S_T - P₁ - X₂ + S_T + P₂ D)P₁ + X₂ - S_T - P₂ E)P₁ - P₂

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A put bear spread involves buying a put option with a higher strike price and selling a put option with a lower strike price. If both options are out of the money at expiration, the trader's profit is the net premium received, which is the premium of the sold put minus the premium of the bought put.

The Profit from a Put Bear Spread Strategy When Both