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training_data/curated/text/e5523becc4441461f7203e610fc67dc2389245e73a5b097afa45e17308539fce.txt

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+was going up. They were right and still lost money. As the adage goes,
+timing is everything. The more time that passes, the more advantageous the
+lower-theta vertical spread becomes. When held until expiration, a vertical
+spread can be a better trade than an outright call in terms of percentage
+profit.
+In the previous example, when Apple is at $391 with 40 days until
+expiration, the 395 call is worth 14.60 and the spread is worth 4.40. If
+Apple were to rise to be trading at $405 at expiration, the call rises to be
+worth 10, for a loss of 4.60 on the 14.60 debit paid. The spread also is worth
+10. It yields a gain of about 127 percent on the initial $4.40 per share debit.
+But look at this same trade if the move occurs before expiration. If Apple
+rallies to $405 after only a couple weeks, the outcome is much different.
+With four weeks still left until expiration, the 395 call is worth 19.85 with
+the underlying at $405. That’s a 36 percent gain on the 14.60. The spread is
+worth 5.70. That’s a 30 percent gain. The vertical spread must be held until
+expiration to reap the full benefits, which it accomplishes through erosion
+of the short option.
+The long-call-only play (with a significantly larger negative theta) is
+punished severely by time passing. The long call benefits more from a
+quick move in the underlying. And of course, if the stock were to rise to a
+price greater than $405, in a short amount of time—the best of both worlds
+for the outright call—the outright long 395 call would be emphatically
+superior to the spread.