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+As AAPL continues to move closer to the 405-strike, it becomes the at-
+the-money option, with the dominant greeks. The gamma, theta, and vega
+of the 405 call outweigh those of the ITM 395 call. Vega is more negative.
+Positive theta now benefits the trade. The net gamma of the spread has
+turned negative. Because of the negative gamma, the delta has become
+smaller than it was when the stock was at $400. This means that the benefit
+of subsequent upward moves in the stock begins to wane. Recall that there
+is a maximum profit threshold with a vertical spread. As the stock rises
+beyond $405, negative gamma makes the delta smaller and time decay
+becomes less beneficial. But at this point, the delta has done its work for the
+trader who bought this spread when the stock was trading around $395. The
+average delta on a move in the stock from $395 to $405 is about 0.10 in this
+case.
+When the stock is at the 405 strike, the characteristics of the trade are
+much different than they are when the stock is at the 395 strike. Instead of
+needing movement upward in the direction of the delta to combat the time
+decay of the long calls, the position can now sit tight at the short strike and
+reap the benefits of option decay. The key with this spread, and with all
+vertical spreads, is that the stock needs to move in the direction of the delta
+to the short strike.
+Strengths and Limitations
+There are many instances when a bull call spread is superior to other bullish
+strategies, such as a long call, and there are times when it isn’t. Traders
+must consider both price and time.
+A bull call spread will always be cheaper than the outright call purchase.
+That’s because the cost of the long-call portion of the spread is partially
+offset by the premium of the higher-strike short call. Spending less for the
+same exposure is always a better choice, but the exposure of the vertical is
+not exactly the same as that of the long call. The most obvious trade-off is
+the fact that profit is limited. For smaller moves—up to the price of the
+short strike—vertical spreads tend to be better trades than outright call
+purchases. Beyond the strike? Not so much.
+But time is a trade-off, too. There have been countless times that I have
+talked with new traders who bought a call because they thought the stock