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training_data/relevant/text/4a2bf6a5a68c2d60dfcf68ade265576e2dede7c7f458bacc75af50927e1d6178.txt

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+for the loss on the 70 call. In this case, the breakeven is $79 (the $4
+maximum potential loss plus the strike price of 75).
+While it’s good to understand this at-expiration view of this trade, this
+diagram is a bit misleading. What does the trader of this spread want to
+have happen? If the trader is bearish, he could find a better way to trade his
+view than this, which limits his gains to 1.00—he could buy a put. If the
+trader believes the stock will make a volatile move in either direction, the
+backspread offers a decidedly limited opportunity to the downside. A
+straddle or strangle might be a better choice. And if the trader is bullish, he
+would have to be very bullish for this trade to make sense. The underlying
+needs to rise above $79 just to break even. If instead he just bought 2 of the
+75 calls for 1.10, the maximum risk would be 2.20 instead of 4, the
+breakeven would be $77.20 instead of $79, and profits at expiration would
+rack up twice as fast above the breakeven, since the trader is net long two
+calls instead of one. Why would a trader ever choose to trade a backspread?
+EXHIBIT 16.1 Backspread at expiration.
+The backspread is a complex spread that can be fully appreciated only
+when one has a thorough knowledge of options. Instead of waiting patiently
+until expiration, an experienced backspreader is more likely to gamma scalp
+intermittent opportunities. This requires trading a large enough position to
+make scalping worthwhile. It also requires appropriate margining (either
+professional-level margin requirements or retail portfolio margining). For