Just recently got interested in Options and have been reading more but I would like to ask people here regarding some of the things that I should be paying attention to. Currently I'm trying this on a Paper-money account for practice. Here is my position. Long ES Dec @ 1310 Short ES Oct 1320 C @ 15. The worst case scenario is if the ES goes below 1295. What should I be looking here in terms of greeks; Delta, gamma, vega, IV? How much will the premium decline in value as time passes? Right now I'm doing this as a directional play. I beleive we are either going be in a range or slightly up here. Any help appreciated.