I buy mostly ITM calls, and I pay through the teeth for the spread, especially if it's a profitable trade. I've started learning about synthetics, and I wonder if I can use them to cut my unnecessary expenses. If I enter a long position with an 80 delta call and the stock makes a nice move, my delta should be pretty close to 100. When it seems the run is over, I can liquidate and pay the spread. However, if instead I short the stock, I'll have locked in my profits and have a synthetic put. If the stock is reversing, I can simply hold and profit on the new position, or sell a put and pay an OTM b/a spread, rather than an ITM one. Potentially save ~$0.20/contract? However, as with everything else, if it's too good to be true.... So would anyone care to dispel my illusion?