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training_data/curated/text/6df76a7380eb3fa40c677817cdd5fb15eb8f2b0666e76727186d3bd9db1af8ad.txt

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+A credit spread is commonly traded as an income-generating strategy. The
+idea is simple: sell the option closer-to-the-money and buy the more out-of-
+the-money (OTM) option—that is, sell volatility—and profit from
+nonmovement (above a certain point). In this example, with Apple at $391,
+a neutral to slightly bearish trader would think about selling this spread at
+4.40 in hopes that the stock will remain below $395 until expiration. The
+best-case scenario is that the stock is below $395 at expiration and both
+options expire, resulting in a $4.40-per-share profit.
+The strategy profits as long as Apple is under its break-even price,
+$399.40, at expiration. But this is not so much a bearish strategy as it is a
+nonbullish strategy. The maximum gain with a credit spread is the premium
+received, in this case $4.40 per share. Traders who thought AAPL was
+going to decline sharply would short it or buy a put. If they thought it would
+rise sharply, they’d use another strategy.
+From a greek perspective, when the trade is executed it’s very close to its
+highest theta price point—the 395 short strike price. This position
+theoretically collects $0.90 a day with Apple at around $395. As time
+passes, that theta rises. The key is that the stock remains at around $395
+until the short option is just about worthless. The name of the game is sit
+and wait.
+Although the delta is negative, traders trading this spread to generate
+income want the spread to expire worthless so they can pocket the $4.40 per
+share. If Apple declines, profits will be made on delta, and theta profits will
+be foregone later. All that matters is the break-even point. Essentially, the
+idea is to sell a naked call with a maximum potential loss. Sell the 395s and
+buy the 405s for protection.
+If the underlying decreases enough in the short term and significant
+profits from delta materialize, it is logical to consider closing the spread
+early. But it often makes more sense to close part of the spread. Consider