An options strategy constructed by buying and selling the same numbers of the same options (whether puts or calls) but with different exercise prices. That is, the vertical spread is a two-legged strategy with different exercise prices but the same expiration date. This makes it an exact opposite to the horizontal spread. Typically, vertical spreads are classified into two categories: net debit spread and net credit spread. A net debit spread indicates an investor is paying a net debit for the position, and whereby being a net long. As for a net credit spread, an investor receives a net credit for the position, being therefore a net short.

Vertical spread strategies include: bull call spread, bear put spread, bull put spread, bear call spread, bull call ladder, bull put ladder, bear call ladder, and bear put ladder. The vertical spread is also known as a money spread, a price spread, or a strike spread.