A box spread is a combination of a call bull spread and a put bear spread.

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A box spread consists of buying a bull call spread (buying a lower strike call and selling a higher strike call with the same expiration) and also buying a bear put spread (buying a higher strike put and selling a lower strike put with the same expiration). This strategy is commonly used in options trading to profit from a market's lack of price volatility.

A Box Spread Is a Combination of a Call Bull