If you are bullish on a stock a bull call spread is a great hedged stretegy. If the  stock is trading at $25, you could buy a 24 call and sell a 30 call.

If you bought the $24 call at 2.00 and sold the 35 at .50 you cost would be 1.50. If the stock goes up you would make the difference between the bought call and the sold one.

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If you are bullish short-term feeling on stock GGG when it is trading at $25.18, you could put on a bull put spread by selling the 27.50 put for $1.00 and buying the 20 put for $0.50. In this case, the maximum profit would be the $.50 per contract.

See Resources.