Can someone give a quick way to figure out which options to buy and which ones to sell in Bull and Bear spreads using puts and calls using numbers? I dont want to memorize these ugly formulas 
I wrote a series of articles on option strategies that do not rely on memorizing formulae; you can find them here: http://financialexamhelp123.com/level-iii-risk-management-applications-of-derivatives/
Full disclosure: as of April 25, 2016, thereās a fee to access the articles on my website. If you want to know the quality of the articles before plunking down your hard-earned, take a look at some free samples: https://www.financialexamhelp123.com/sample-articles/
To get you started, you need to memorize the payoff diagrams for the various option strategies:
- Bull spread: _/ĀÆ
- Bear spread: ĀÆ_
- Butterfly spread: _/ĀÆ_
- and so on
Then you need to be able to create those payoff diagrams from the payoffs of individual options:
- Long call: _/
- Long put: _
- Short call: ĀÆ\
- Short put: /ĀÆ
For example, to create a bull spread with calls, start at an underlying price of zero, and move to the right:
- When you get to X1 you need an upward kink: add a long call
- When you get to X2 you need a downward kink: add a short call
Thatās what I cover in my articles, in detail, with pictures and numbers and everything.
Buy low Strike option, sell high strike option if it has prefix āBullā. Do the opposite if is bearish strategy. No matter if calls are used or puts.
Perfect summary.
Thank you. I hope it wasnāt irony. 
Well said. Thanks gents