Just killing time with this observation. In looking over scores of option trades over the last 6 years, I have come to the conclusion that I would have been better off with naked options instead of spreads. I could have kept the risk the same, and would have made much more $. For instance Nov bear put spread on BAC, long the $27.50 @ $300, short the $25.00 @ $200. Risk $100 to make $150. Three contracts to make $450 profit on $300 risk whereas one $27.50 put would have yielded $1250 return. Same with numerous trades on the QQQQ's, OEX and other stocks. Anyone else take a good look at their trading record comparing a naked option for the same risk as the cost of their spreads and the closing price near option expiration to see which would have yielded a higher return over the long haul?