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I understand your point of view, but the protective put is intent to limit the loss with unlimited gain, while the bull spread limits the loss and the gain. With the strike price high 55, the protective put will be the best choice because PT < CT , the call out-of-the money will not be exercised...

(2) The payoff profile of the protective put is similar to a call option. So if the stock price double, the protective put will be the best choice. - Numerical example: Strike Low (XL) = $ 23.50 Call Low (CL) = $ 2.50 Put Low (PL) = $ 0.50 Stock Price (S0) = $ 25.50 Strike High (SH) = $ 27.50...