Credit spread
A vertical spread sold for a net premium: the option sold is worth more than the one bought as protection. Maximum profit is the credit received; maximum loss is the strike width minus that credit.
Credit spreads profit from time passing and the underlying staying away from the short strike — they win in more scenarios than they lose, at the cost of losing more per loss than they win per win. Their expected value hinges on whether the premium collected fairly prices that asymmetry.
A bull put spread and a bear call spread are the two flavors. Combined, they form an iron condor.
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