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+170 Part II: Call Option Strategies 
+When a spread order is entered, the options being bought and sold must be 
+specified. Two other items must be specified as well: the price at which the spread is 
+to be executed, and whether that price is a credit or a debit. If the total price of the 
+spread results in a cash inflow to the spread strategist, the spread is a credit spread. 
+This merely means that the sell side of the spread brings in a higher price than is paid 
+for the buy side of the spread. If the reverse is true - that is, there is a cash outflow 
+from the spread transaction - the spread is said to be a debit spread. This means that 
+the buy side of the spread costs more than is received from the sell side. It is also 
+common to refer to the purchased side of the spread as the long side and to refer to 
+the written side of the spread as the short side. 
+The price at which a certain spread can be executed is generally not the differ­
+ence between the last sale prices of the two options involved in the spread. 
+Example: An investor wants to buy an XYZ October 30 and simultaneously sell an 
+XYZ October 35 call. If the last sale price of the October 30 was 4 points and the last 
+sale price of the October 35 was 2 points, it does not necessarily mean that the spread 
+could be done for a 2-point debit (the difference in the last sale prices). In fact, the 
+only way to detennine the market price for a spread transaction is to know what the 
+bid and asked prices of the options involved are. Suppose the following quotes are 
+available on these two calls: 
+October 30 call 
+October 35 call 
+Bid 
+37/s 
+F/s 
+Asked 
+41/s 
+2 
+Lost Sole 
+4 
+2 
+Since the spread in question involves buying the October 30 call and selling the 
+October 35, the spreader will, at market, have to pay 41/s for the October 30 ( the asked 
+or offering quote) and will receive only F/s (the bid quote) for the October 35. This 
+results in a debit of 2¼ points, significantly more than the 2-point difference in the 
+last sale prices. Of course, one is free to specify any price he wants for any type of 
+transaction. One might enter this spread order at a 21/s-point debit and could have a 
+reasonable chance of having the order filled if the floor broker can do better than the 
+bid side on the October 35 or better than the offering side on the October 30. 
+The point to be learned here is that one cannot assume that last sale prices are 
+indicative of the price at which a spread transaction can be executed. This makes 
+computer analysis of spread transactions via closing price data somewhat difficult. 
+Some computer data services offer (generally at a higher cost) closing bid and asked 
+prices as well as closing sale prices. If a strategist is forced to operate with closing