I was re-reading my copy of "Options as a Strateic Investment" by McMillan and I came across this: "...bull spreads are not for traders since the spread differential changes mainly as a function of time, small movements in price by the underlying stock will not cause much of a short term change in the price of the spread." Anyone with experience in options care to comment? I was reading the section on spreads since I wanted to move from using straight call/put positions to using spreads. But when I came to that section I paused. He doesn't really add anything further than the above. It still left me a little puzzled as I have anecdotal evidence that spreads are used all the time (especially by professional traders) and that they are favoured over straight put/call positions. The reason why I wanted to use spreads is that I want to separate the volatility component of the trade. Let say I think IBM will go up. I can buy the call options. But this position will leave me exposed to a potential downward move in implied volatility which could erode any gains by IBM's move upward or exacerbate a downward move by IBM. If I enter using a bull spread (lets say using calls) then I would buy the IBM 70 call and sell the IBM 80 call (of same time duration). This hedged position would protect me in case of a decrease in the IV since the decrease in my long call's value would be offset by the decrease in my short call's value. Leaving me with a stripped leverage vehicle to trade IBM. Is that correct? am I missing something? Thanks in advance.