The Vertical Spread Options Strategies (The ULTIMATE In-Depth Guide)

✅ New to options trading? Master the essential options trading concepts with the FREE Options Trading for Beginners PDF and email course: geni.us/options-trading-pdf
🎓 Get my options strategy analysis course for free ($247 Value) when you open and fund your first tastytrade brokerage account using our link. Instructions here: geni.us/free-options-course
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🔥 Learn data-driven options strategies: optionsforbeginners.teachable...
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The vertical spread options strategies are at the core of EVERY complex options strategy. If you can master these, you will understand 80% of options trading strategies.
In this video, you will learn to master the vertical spread strategies through in-depth explanations, trade setup visualizations, expiration risk graphs, and visualized trade performance visualizations using real option data.
I'm also going to teach you more advanced topics, such as understanding how a vertical spread's profitability relates to the amount of time to expiration, time decay, and changes in implied volatility.
My hope is that with this video, you can develop a deep understanding of the four vertical spread strategies, and make a gigantic leap forward in your options trading expertise. Not only will you learn the basics and see examples of how the strategies work, but you will also learn to understand vertical spread mechanics like an options trading expert.
Video Timestamps
0:00 - Introduction
0:48 - Video Prerequisites
1:14 - What is a Vertical Spread?
2:21 - Why Trade a Vertical Spread? (Single Options vs. Spreads)
6:05 - The Bull Call Spread (Call Debit Spread)
8:23 - Bull Call Spread Expiration Risk Graph
10:41 - Why is a Vertical Spread's Max Value the Width of the Strikes?
11:49 - Bull Call Spread Trade Example (Real Data Visualization)
15:09 - How to Close a Call Debit Spread
16:14 - The Bull Put Spread (Put Credit Spread)
18:46 - Bull Put Spread Expiration Risk Graph
20:33 - Bull Put Spread Trade Example (Real Data Visualization)
23:01 - The Bear Call Spread (Call Credit Spread)
24:42 - Bear Call Spread Expiration Risk Graph
26:13 - Bear Call Spread Trade Example (Real Data Visualization)
27:07 - How to Close a Call Credit Spread
28:29 - The Bear Put Spread (Put Debit Spread)
29:45 - Bear Put Spread Expiration Risk Graph
31:19 - Bear Put Spread Trade Example (Real Data Visualization)
35:14 - Vertical Spread Profitability vs. Time to Expiration/Time Decay
40:56 - Using tastyworks to Compare Vertical Spread Prices vs. Time to Expiration
43:31 - Vertical Spread Profitability vs. Changes in Implied Volatility
44:34 - You Want Implied Volatility to DECREASE When...
46:24 - What a Decrease in IV Means for Vertical Spread Pricing
49:31 - The MYTH About Debit Spreads vs. Credit Spreads and Implied Volatility
50:47 - You ONLY Want Implied Volatility to INCREASE When...
52:31 - How to Select the Right Strategy (Some Guidelines)
54:08 - Using tastyworks to Compare Debit Spread vs. Credit Spread Setups/Pricing
1:02:22 - What Happens to Vertical Spreads at Expiration?
1:03:18 - Fully In-The-Money Call Spread at Expiration (Example)
1:05:17 - Partially In-The-Money Spread at Expiration
1:07:13 - Early Assignment Risk With Vertical Spreads?
1:08:26 - Debit Spread Early Assignment Risk: Why You Should Close the Trade
1:12:19 - THANK YOU! Please Subscribe/Like!
VIDEO PDF: www.dropbox.com/s/8539whmkhsp...
Thank you for watching! I hope you learned a lot in this video.
Questions? Comments? Suggestions? Please leave me a comment down below and I'll get back to you when possible.
==== ADDITIONAL RESOURCES / VIDEOS MENTIONED ====
Options Trading for Beginners (The ULTIMATE In-Depth Guide): • Options Trading for Be...
Covered Calls for Beginners Video: • Covered Call Options S...
Vertical Spreads (Basics for Beginners): www.projectfinance.com/vertic...
Lost $30,000 on a $1-Wide Credit Spread (ALWAYS Close Before Expiration): • Lost $30,000 on a $1-W... tastytrade, Inc. (“tastytrade”) has entered into a Marketing Agreement with Project Finance(Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade and/or any of its affiliated companies. Neither tastytrade nor any of its affiliated companies is responsible for the privacy practices of Marketing Agent or this website. tastytrade does not warrant the accuracy or content of the products or services offered by Marketing Agent or this website. Marketing Agent is independent and is not an affiliate of tastytrade.

[@projectfinance]

✅ New to options trading? Master the essential options trading concepts with the FREE Options Trading for Beginners PDF and email course: geni.us/options-trading-pdf I hope you enjoy this one! I know there was A LOT of information, but my intention was to push you. Please check the links in the video description above for the PDF to the video and for additional resources.

[@johnnyprout5599]

I'm curious why you picked a 15 wide spread versus say a 10 wide spread.

[@zaidfadhil2529]

Chris, this is amazing, seriously I'm speechless, I used to pay to courses have half of the knowledge that you are offering here, this is a jaw-dropping course. Thank you a lot. you did a perfect job in explaining everything, I will watch this over and over and over until I will absorb every single word you said. KEEP UP THE EXCELLENT WORK

[@projectfinance]

@@zaidfadhil2529 Thank you so much! I'm glad it helped out. I was a little worried it would lose people near the end. Thanks for the feedback!

[@RajcanSurface]

Chris, this was very helpful. I was wondering if you do any personal coaching? Would be happy to discuss more if it is an option. Thanks.

[@hyhy4061]

Chris, keep up the great work on your content. it provides just the right amount of info on anything options. on the side note, perhaps your can consider sharing some basics on unusual option activities?

[@DELPHIIII]

You could charge a large amount of money for this depth of information. There's a lot of intrinsic value here...

[@Skoobypoo]

I see what you did there.

[@Piggy991]

The time value of this video is still big.

[@2feetaguywith]

Shhhh...

[@NickWillever]

He is.

[@morningwaves]

“Did someone say ‘intrinsic?’” - Warren Buffett

[@oneson6gmailcom]

Thank you

[@saccherine]

This knowledge is pure gold and that too you are putting for free. Great job Chris. Keep it up.

[@mstx8047]

Very detailed. Thanks for creating such a quality video.

[@user-oe3hq4we2j]

Absolute must watch if you're looking for a complete overview of option spreads. So well explained and in a way that is easy to understand.

[@tygraesbodhi6485]

Thank you so much, watching your video saves me so much time to go through an entire book. Have been taking notes and rewatching some parts to deepen my understanding. Words can't express my gratitude, I can now paper trade strategies, personally I prefer your debit spreads, more aggressive for strong trending days; but defensive credit spread is good for "not so sure" days. Eye opening. Feeling much more confident after each video. Thank you wish I know your name, God bless you with more abundance, happiness health and love.

[@LMF-ct4lt]

Chris, You provide the best explanation and graphic examples of any video that I have seen. Thank you for that. The Tasty Trade team suggests closing or adjusting at 21 dte based on probability studies. Do you agree?

[@paulgeorge1672]

മികച്ച അവതരണം. 👌👌

[@luisitol7971]

Nice, something to sit down and watch this weekend now!

[@jeancblais1457]

Many Thanks Chris, An excellent presentation. Much to learn and worth watching a second time to capture even more of it. I have liked it and I have subscribed as I look forward to more of your great instructions.

[@YO-xk9be]

This is a great video and thank you so much. Please share the name of the platform you use for your options chain.

[@williammacadam2416]

This is top grade A+ contant

[@efrumento]

Invaluable work, Chris. Excellent explanation! Though the duration of the video might seem intimidating at first, time swifts smoothly and you do not even notice more than an hour went away. What happens if having entered a credit spread I am assigned the short leg? Does the long leg act as a hedge for my account to prevent a break down?

[@ravisankark526]

You are the best. I just started yesterday watching 'Options Trading for Beginners (The ULTIMATE In-Depth Guide)'. After finishing that video, I will watch this video. You have so many videos in your channel. Is there any sequence to follow for beginners? Please guide us. Appreciate your help and God bless you for helping.

[@savannahbilly9391]

Bro you got some very good and detailed videos 🤝🏾👍🏾👍🏾

[@projectfinance]

Thank you!

[@savannahbilly9391]

@@projectfinance thanks bro 👍🏾big help ..

[@Three2produxtions]

Thank you!

[@robinyip6185]

Absolutely must watch Vertical Spreads content - very well explained for both IV and Time to Expiration influence. This is the best video for Verticals so far.

[@mattydominic4219]

Dude, you're awesome. Understanding all of this is one thing, being able to explain it is another, having the WILLINGNESS to explain it is yet another. Thanks for making these excellent videos!

[@jumpman1429]

everything he just fucking said! ...i think I love you...

[@yuvrajjag2558]

Agreed. Willingness to explain this speaks a lot about how much he and other people like him are willing to put such valuable info in public and create/increase communities. Great work.

[@Sam-xq4fo]

Chris, You always explain very well, but i have to watch this few time & I AM TRYING TO DOWNLOAD LIDES, HOPEFULLY IT WORKS. I KNOW I AM VERY THANK FULL TO YOU. You are great presenter.

[@INDIANBABYDOGEMILLIONER]

From India

[@kangokidkidd4037]

This is the kind of man I want my daughter to marry...an absolute gentleman...you could tell on how he teaches Bravo 👏

[@gaaligadu148]

wait what ?

[@ahopson219]

Thank you you help me understand the Put credit spread now!

[@spencerhayes6285]

Who the hell downvotes a video like this 😂 Wish I had two more hands so I could give this video 4 thumbs up!

[@projectfinance]

Thank you!

[@SantoshkumarKrishnamurthy]

This is such an useful video, for anyone starting on this topic. The content was crisp and clear. Thank you so much clarifying the risks about Credit and Debit spread. Early assignment was always something as a beginner that bothered me and this has thrown a lot of light on it

[@mpiresteve]

The 6 people that disliked this video have only lost money in the stock market, smh!

[@projectfinance]

Correct!

[@rajdaiyu6290]

The best

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[@Texpilot22]

Great video!!

[@tomshmueli635]

this is one of the most amazing things and well explained and edited videos ive seen on youtube , thank you . you earned my trust for the long term :)

[@RajatSharma-jk1qj]

This video is an absolute gem, very nicely explained with full detail. Thanks a ton bro 😀

[@stanleylag3421]

This man is the G.O.A.T! Took the time to make this for the people. Appreciate it bro

[@ananthyadav2153]

Ananth Yadav - It is a very useful course because traders will learn a lot of strategic steps in the option vertical spread scenarios. I suggest option trader beginners should take this class. The instructor presents a lot of exercises and he is a great teacher.

[@chebertjr]

Hi, I have been trading stocks off and on for 30 years, what would you suggest I do first to get into options?

[@cleopatrajames1116]

You should start off with a professional who would be helping you make good trades and profits while showing you the steps. If I had not started trading options this year, I would have been homeless by now

[@cherryhills6225]

Rachael Daniels How does this whole options trading thing work, I’m interested in it and I’m willing and ready to invest heavily in it but I’m gonna need an assistance from a trusted and productive professional

[@macmanamanwestwood6770]

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A King Wow I’m just shocked that you mentioned and recommended Gideon’s Trading Services, I thought people don’t know them... they’re really awesome 🤩

[@CaseyBurnsInvesting]

Always dropping gold on the channel. Always in depth.

[@projectfinance]

Thanks for your support

[@hvac1688]

great video, many thanks

[@begingardener275]

Chris: YOU ARE A GOOD SAMARITAN!

[@ExodusStudentMnstry]

Fidelity had a live webinar on this exact topic earlier today, which I attended, their presentation was boring and their slide graphics were straight out of Microsoft word. I asked a question during the session about considering the advantages of closing early, which they refused to answer because they thought it was too close to "strategy." I learned SO much more useful information from yours by comparison, thank you for once again blowing my brokerage out of the water.

[@kingdrew5083]

Oh yea!

[@RajeshSaini-kv8xk]

The best video on youtube for explaining this concept . Now , I finally understand 100 % . Big Thank You sir ..God Bless

[@richardmanfred8775]

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[@thomasaaron9261]

As a newbie, it's best to avoid jumping in forex trade without expert guidance

[@collinsmorganchuks2526]

@@thomasaaron9261 I'm looking for as forex mentor bro

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[@maryhillocks2223]

I honestly recommend expert Robert Anderson guys, I’m able to make $90 per day on my trades.

[@andersonedward8814]

@@maryhillocks2223 It's really an awesome experience whenever you trade with profit.. all traders are risk inclined but only takes Experience and required skills to subdue this risk and make profit

[@xavierherrera3322]

When we are told to do our own due diligence, what information should I look for? What are reputable news source and what should I be paying attention to? How do I research a stock, analyze it and see if it’s worth trading options on it? How do you do it? Thanks great video.

[@williamlikc88]

Excellent and comprehensive presentation on vertical spread

[@louisthompson1020]

This is a golden lecture!

[@firegp9198]

Hi Chris - just wanted to let you know that i love all your option strategy videos. Simply invaluable resource for new or experienced options traders.

[@emmanuelphua]

thanks for the very helpful video. i understand risk of assignment is pretty scary and likely. therefore to mitigate the risk, the trader should monitor the price movement and set rules of when to take profit and when to accept lost. Perhaps you could do a video on your rules for profit taking/loss making and how you monitor trades as time goes by, thereby avoiding the risk of assignment. Thanks again :)

[@chocotv3573]

This is one of the best option strategies in trading, but most experts advise trading a small portion of your account because it carries risks, especially for beginners.

[@graceguo5738]

Great material! Thanks for sharing!

[@andreikelly6198]

Hi... Please where can I invest and make good profits without being scared of loosing my money ....I'm actually looking for a good trader that can help me manage my trade and make good profits for me at the end of the day

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Trading bitcoin is a good business one can think of doing.

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People will be kicking themselves in few weeks if they miss the opportunity to buy and invest in bitcoin

[@luisbest3789]

People fail to understand that the wise stay financially stable by spending less and investing more while the unwise remain poor by spending more and yet not investing like the wise ones do..

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Bitcoin trading right now will be at every wise individuals list. In few minutes you'll be ecstatic with the decision you made today

[@MichaelWilliams-fd3ho]

Bitcoin trading nowadays is a big chance to make money

[@charleyluckey2232]

Thanks for the content. I'm already on my way to success. Trade has been the main source of income, although I barely do it myself

[@charleyluckey2232]

@Robin Fred There is no magic in trading. The main secret of trading is to have a very strong and reliable signal, but that's not for novices, that's why I work with Larry Kent Nick. His trading strategies are superb

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@Robin Fred Larry Kent Nick Trading

[@charleyluckey2232]

Instagram

[@ThePhinista]

Jesus chroist. How is this free?? These videos are exceptional.

[@dwb2071]

I have been attending webcasts , seminars , using my brokerage firm as a resource to learn option spreads .Then I found the gentleman from Project Option best educator by far Thank you David

[@romit]

I'm binge watching your videos these days. Good quality educational content. Cheers from India

[@ccmorgh6008]

Thank you ! This is the clearest and most comprehensive videos on KZbin re vertical spreads, I am most grateful for your time and effort.

[@johnd490]

Great video! This is a question really. I have seen quite a bit of variability in the value of some of my bull call and Bear Put Spreads. It seems that if the trade is going in your direction the maximum profit potential is achieved much closer to the option expiry date. Is that the case? I ask because I had a trade with an ATM call bought with an OTM call sold (140/150) and when the stock rose by early in the trade my initial profitability was showing much less than the straight math would have suggested. It appeared to be because of very wide bid/ask prices on the call I sold.

[@projectfinance]

Hi John! Great question. The answer is yes you need to either see your call spread fully ITM at expiration / little time left, or have the spread get DEEP ITM before expiration. The more time left, the deeper ITM the spread needs to get to hit max value. I would suggest going and looking at spreads on AAPL or any stock and compare the spreads vs time to expiration. So create the same spread and look at their prices in two different expirations (like the aapl 170/180 call spread in April and then June). Then look at the same width spreads at different strike prices in the same expiration (like the spy 490/500 vs the 520/530 in April). Compare their prices and you will learn a lot about spread pricing. In short: a spread can only reach max value when the options in it have little extrinsic value. This means they are either soon expiring, or are deep ITM.

[@johnd490]

@@projectfinance Thanks. Loved your video

[@AtoTheJ884]

Thank you sir!

[@kentlua4232]

hope can see you doing live and real trade in option ...more understanding ...thks

[@azizkapoor7112]

Thank you for the excellent video. Lot's of information to consume.

[@frequency8872]

u speaking very clearly, both acustical and also of meaning, easy understanding in both ways, ur smiling, friendly and clearing things easy up. u doing very good :)

[@georgevengal]

Hi Chris Amazing presentation... Very clear.. Thanks

[@DaveMatthew0]

I have learned so much from Chris. I really connect with how he breaks things down and lays it out for us. If you stumbled on this channel while learning options, consider yourself extremely lucky.

[@wilsonclinton8008]

Most time having knowledge or insight about a particular activity can as well be a pleasing exercise. I can boldly say that forex and crypto trading is one of the profitable money exchange service that elevates investors and their financial status.

[@livewire98801]

This must have been a beast to produce, but the information is fantastic and so is the presentation. Thank you for all your content, it's been extremely helpful as I've been getting started in options.

[@Blizzygliz]

What lvl is needed for this strategy?

[@cosmopolitans217]

The whole world suffered during 2020-21 but your teaching skills got refined through out.

[@GolthierSantos]

It's impressive how well you deliver such complex content and make it way more digestible/understandable than anyone I've seen so far. Thank you very much!

[@ccmorgh6008]

Thanks again for your very informative video. I have a question: when constructing an OTM spread what are the pros & cons of choosing two adjacent strikes VS. two with fairly wide strikes ?

[@k2769]

Adjacent is better but with more commissions

[@kimsamram]

Yass 🙏🏿

[@aaryanrustagi2072]

Amazingly explained!

[@projectfinance]

Thank you for the comment. I appreciate it. I hope you learned something new!

[@traylorpark4life962]

Thank you sir as I appreciate you sharing your knowledge. I’m a student now.

[@ao8253]

You’re such a real one. Been watching you for a long time and I just had to take this moment to expresss my gratitude.

[@xxun_forgiven4239]

You taught me how to buy calls and puts and now different option strategies. You Sir are truly awesome. Thank you

[@danielfernandes8512]

Thank you!!

[@keivansab]

Great content. Am I correct to conclude from your IV discussion that probably the best thing that makes sense in low IV environment is just to buy call or put (not spread)? Or perhaps trying to do calendar or diagonal if there is a favorable term structure?

[@andylaque]

Both those questions are very tough to answer, because any answer that is responsible should help you understand why the answer is so tough. If you get a simple answer, don't take trading advice from that person ever again.

[@jackfesq552]

As always, a great video!

[@tommypham4742]

Thank you very much ProjectOption . I like this video a lot . Thousand likes 👍👍👍

[@evadesc]

Excellent vid.

[@LVCID777]

Early assignment is always my biggest fear

[@josephbentivegna2963]

This is an excellent presentation but unless you are a genius, it is not intuitive. I was able to understand it by creating excel spreadsheets of each of these vertical spreads and then watching how the values of each option changes with various stock prices. For example, I created a spread sheet where I could see the how the values of the long put and the short put change with a given stock price and then add them together. Don't forget to subtract the long put option price. You can then plug in different numbers and see how the profits/losses change. When I did this, I understood it.

[@zerototalenergy150]

excellent !!! thank you!

[@lavietran1752]

I have been watching this video for 2 days, taking note and slowly analyzing information that you have explained here. Thank you so much for making such a great quality video. It inspires me significantly to learn more about options every day.

[@GrowWithWill]

This is such a gold video. This is pretty much the equivalent of Understanding Options distilled into a great visual video. Nice work!

[@projectfinance]

Much appreciated!

[@noblekingson6686]

I saved the video in my KZbin library, very educative/informative.

[@ryolacap]

So the only thing I am stumped on, well the main thing is probability, the chance of profit does not take into account the stocks historical charting? Ie. a stock which is in a up trend

[@benreynolds18]

Love your videos man, you make it way easier for morons like me 😂. I’ve learned more off your videos than I did from a complete stocks and options course that was offered to me from a trading group I used to be with. It was informative but not mind blowing like your videos. Thanks brother I really appreciate it. I will definitely use your link once I open up an account with tasty 👅

[@neilcaesar4285]

Great video as always. Question: and I know this is answered with “it depends” but if I have a debit call spread that is in the money. Well above the strike price and trending upwards, should I just hold it until expiration? I actually tried to close at a fair price but there were no takers. So I’m thinking about holding and letting it expire for max profit. Thoughts?

[@wordsbymaribeja1470]

This response will be too late but from what I've learnt from Chris's options for beginners course you should close your position before the expiry because there comes a point when the extrinsic value peaks and then starts to decline, I've seen a formula (elsewhere) where the position is closed at the beginning of the last quarter of the contract.

[@vinodkumar24]

Very detailed explanation Chris. Thanks!

[@yugeshb1189]

Once again so comprehensive, Thanks

[@yugeshb1189]

@@charleewayne5164 yes please

[@kevinfu7656]

Hands down the best ultimate in-depth guide! Question for you Chris, when would you generally close a losing bull put spread?

[@cyclefan88]

How do you determine what the spread should be? Is it based on the risk/loss you are willing to take?

[@andylaque]

After you understand the win loss probabilities of the particular spread in mind, and the implications it has on profitability over many trades, then go and learn about position sizing and capital efficiency and return on capital. Then you will be able to answer that question yourself. Good luck on your researching and learning.

[@eatery5607]

Absolutely Amazing Knowledgeable information Completely Free. Thankyou Thankyou Thankyou

[@eatery5607]

@@charleewayne5164 yes . How

[@stephenwong804]

Wow, thanks so much. I need to digest it as I am new to options trading but I do get some useful ideas and answers to my queries. Cheers!

[@IQ44444]

Great video! Wondering, if you’re best off selling any spreads with a deep itm option due to early assignment risk, who actually buys the options at that point? If every trader want to get rid of options before expiration to avoid dealing with assignment, won’t the prices go down due to low demand? Who buys contracts just before expiration?

[@chiefenlightened-one3333]

Do you ever do one-on-one training? You have a wealth of info, but it’s not so easy to understand as a new investor

[@donnabirney817]

very well done................ but long

[@tjjeannette]

Thanks Chris!

[@stefanklaus728]

Thank you very much Mr joans Kaufmannfor successful withdrawal... I never believe we still have good and trust worthy account manager on Binary Options and Forex trade, I actually enjoy the fact that this days all I do is take care of my kid and wait for more money

[@jordanwong7444]

to make such success as an investor is through the assistance of an investment coach or a portfolio manager, I had to reach out to an investment coach Name joans Kaufmann, who guided me grow my account to $490,700 from February till now. take advantage of this great opportunity

[@peterjackson3684]

It’s worth bearing in mind that your choice of broker can restrict the tools available to you. Free day trading software may seem like a no brainier to start with, but if it comes with the sacrifice of technical tools that could enhance trade decisions then it may cost you in the long run. Remember the best day trading software for Forex may not cut the mustard when you use it for stocks, so do your research and consider all the factors outlined above. Most importantly, you wouldn’t buy a car without test driving it first, and your day trading software shouldn’t be any different, Don't worry Mr Joans Kaufmann can help you too

[@aymanyusif8346]

This is the best video I ever seen explaining spread options. Thanks for the hard work Chris.

[@INDIANBABYDOGEMILLIONER]

Tq sir

[@alexh.4842]

The best and most needed option trading tutorial so far. Excellent work!

[@oldskoolrap69]

Looking to digest this a little at a time. Thanks for the long upload, always quality content!

[@projectfinance]

Good plan! A lot of concepts to digest in this video. It's meant to push how you think about these strategies, though, so don't be frustrated if it doesn't click at once. I'm here to help if you have questions.

[@jiaminzhu406]

Great information! One question I always have is how to compare wider spreads and less contracts vs narrower spreads and more contracts. For example, if I want my max loss to be less than $1000, then how do I decide between two $5 wide spread vs one $10 wide spread? I know options are all about trade-off but I don't have a clear view now about the trade-off between these two choices.