Just a random thought.... CLQ1 settled 113.02 In August crude options, two short put trades. One a OTM naked put, the other a closer to the money short put spread/ For the moment shelve a view on short term direction, but for the purposes of this post we are obviously bullish. What is the difference between the following trades aside for the net credit differences (More on the spread if it can be executed), the spread obviously is closer to the money & the naked put farther OTM. But, The delta profile of each position is almost identical @ -.10. Will the P&L of each behave the same as the market trades, will the spread swing around more, or will they move identical? Short CLQ1 92.00P for .55 credit (roughly) Delta -.105 Gamma .010 Theta -3 Vega 12 versus Short CLQ1 112.00P for 5.30 credit (roughly) Delta -.485 Gamma .029 Theta -4 Vega 21 Long CLQ1 108.50P for debit of -4.50 (roughly) Delta -.384 Gamma .027 Theta -4 Vega 21 Greek info was cut & pasted off of futuresource.com just for example purposes.http://futuresource.quote.com/quote...l=CL+Q1&view=GREEKS&range=both&expiration=ONE