I know the basics about option structure, but applying particular option strategies together within an account, and taking into account overall market direction/hedging is another matter. So I'd like to use this thread to ask a few questions to help in structuring my understanding. Firstly, If you apply only Put and Call spreads within your portfolio - nothing fancy like flys, or god forbid, Condors, should you consider an equal portion of each, so your account can be hedged against any sudden overall market movements? EG If I decided to execute a strategy to trade ATM credit spreads, where my risk on each position is limited to the Long-Short spread, is it prudent to enter as many Call (bearish) credit spreads as Put (Bullish) credit spreads? If the market rallies or tanks, in theory, the winners on one side will cancel out the losers on the other. This is of course based on the idea that each position risk/reward is equal weighted. Cheers!