Just a recurring observation that drives me crazy. I do not like Bear call spreads, especially if I were using them alone or even as a part of IC's. When the market rises, these things really takeoff (high delta/high gamma). I find that the long call is useless in hedging the short call. When the market tanks, these spreads really tank big-time as well. But, when they reach a certain level, their value doesn't decrease (or it decreases at an incredibly slow pace). Bull put spreads, on the other hand don't lose value as quick as the bear call gains value in a rising market, and of course, in a tanking market, the bull put spread gains quicker than the bear call loses. So, is it better to place a bear call spread strike closer to the current market price of the underlying or is it better to just go with the bull put spread and go further OTM? You can go further OTM with the bull put spread than the bear call spread and get the same premium. Now, with the IC. I check my greeks periodically against my portfolio of IC's. The portfolio is typically positive delta, slightly negative or slightly positive gamma, negative vega and positive theta. In other words it looks like a short put. Also, what is interesting is that the premium received from the short call typically pays for the long put and long call. I think all of this is a good reason not to watch the market on a daily basis, for the greeks are dynamic, and sometimes upward movement of the underlying is preferred and sometimes the downward movemnt is preferred. Of course, as I have said before, the trick to managing the IC is to look for the exit on the profitable side ASAP. Anyway, some food for thought for those that look at the dynamics of trading options.