Here we discuss trading strategies, their risk graphs and payoffs.

Debit Call Spreads

Bull Call Spread.
Vertical price spread.

Strike Short Call > Strike Long Call.
The short call is not as deep (ITM) as the long call and hence it has a smaller intrinsic value than the long leg. So there is an initial outlay to pay.

Bear Put Spread.
Vertical price spread.
Strike Short Put < Strike Long Put.
The short put is not as deep (ITM) as the long put and hence it has a smaller intrinsic value than the long leg. So there is an initial outlay to pay.