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training_data/curated/text/0f8ce8ec1590f13305d44adc67512a449b53a2615493498e8e1f49baa3f55b77.txt

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+Backspreads
+Definition : An option strategy consisting of more long options than short
+options having the same expiration month. Typically, the trader is long calls
+(or puts) in one series of options and short a fewer number of calls (or puts)
+in another series with the same expiration month in the same option class.
+Some traders, such as market makers, refer generically to any delta-neutral
+long-gamma position as a backspread.
+Shades of Gray
+In its simplest form, trading a backspread is trading a one-by-two call or put
+spread and holding it until expiration in hopes that the underlying stock’s
+price will make a big move, particularly in the more favorable direction.
+But holding a backspread to expiration as described has its challenges. Let’s
+look at a hypothetical example of a backspread held to term and its at-
+expiration diagram.
+With the stock at $71 and one month until March expiration:
+In this example, there is a credit of 3.20 from the sale of the 70 call and a
+debit of 1.10 for each of the two 75 calls. This yields a total net credit of
+1.00 (3.20 − 1.10 − 1.10). Let’s consider how this trade performs if it is held
+until expiration.
+If the stock falls below $70 at expiration, all the calls expire and the 1.00
+credit is all profit. If the stock is between $70 and $75 at expiration, the 70
+call is in-the-money (ITM) and the −1.00 delta starts racking up losses
+above the breakeven of $71 (the strike plus the credit). At $75 a share this
+trade suffers its maximum potential loss of $4. If the stock is above $75 at
+expiration, the 75 calls are ITM. The net delta of +1.00, resulting from the
++2.00 deltas of the 75 calls along with the −1.00 delta of the 70 call, makes
+money as the stock rises. To the upside, the trade is profitable once the
+stock is at a high enough price for the gain on the two 75 calls to make up