One way to create a bear spread positions is by purchasing a high strike put option and

Question:

One way to create a bear spread positions is by purchasing a high strike put option and selling a low strike put option. Identify a strategy with call options that creates a similar bear spread-shaped profit profile.
The following option prices were observed for calls and puts on a stock on July 6 of a particular year.
Use this information for problems 6 through 24. The stock was priced at 165.13. The expirations are July 17, August 21, and October 16. The continuously compounded risk-free rates associated with the three expirations are 0.0503, 0.0535, and 0.0571, respectively. The standard deviation is 0.21.

For problems 6 through 10 and 13 through 16, determine the profits for the holding period indicated for possible stock prices of 150, 155, 160, 165, 170, 175, and 180 at the end of the holding period. Answer any other questions as indicated. Your Excel spreadsheet Option Strategy Analyzer lOe.xlsm will be useful here for obtaining graphs as requested, but it does not allow you to calculate the profits for several user-specified asset prices. It lets you specify one asset price and a maximum and minimum. Use Option Strategy Analyzer lOe.xlsm to produce the graph for the range of prices from 150 to 180, but determine the profits for the prices of 150, 155, .... 180 by hand for positions held to expiration. For positions closed prior to expiration, use the spreadsheet BlackScholesMertonBinomiallOe.xlsm to determine the option price when the position is closed; then calculate the profit by hand?