Just beginning with options so if this is too basic for this forum, please bear with me. (I have been trading stocks for 20 years or so, but am about 6 months new to options.) A 2 part question both to do with basic bull/ bear spreads: (1) What's the (dis)/advantage to a debit spread when the +/- diagram is the same for a credit spread (ie why pay when I can be paid?) (2) Everything I read (so this is the theory side) suggests 1x ITM, 1x OTM either side the current market value (puts/ calls depending upon whatthe spread is), yet the practice I have noticed on several places seems to be 2x OTM (different strikes) which makes a bit more sense to me as the underlying has to move to get inside the spread although the premium earned (credit) would be less than 1x ITM, 1x OTM If this is more the sort of thing for another forum, appreciate you directing me to that. Otherwise, appreciate your erudite responses to such a basic, yet confounding, question.