Thank you for explaining this term. I always hear this term, but the context varies so much I didn’t have a clear understanding of it. Now I understand it as a general concept whose actual appearance or substance varies depending on context.

I am also surprised to learn about this trade where the credit is greater then the point spread between the strikes. That is an amazing thing. You know you have a winner going into the trade. It’s sad that it doesn’t occur in liquid markets. I would be wonderfully greedy or piggy and trade 20 contracts. 😂

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