Bull Put spread. It seems all debit verticals are no better than just buying the call or put b/c the appreciation of the option you sold eats into your return and flattens your Profit vs Underlying Price curve, even if it's still OTM. All those straight line P/L graphs w/ 45 degree angle turns at the strikes show just after expiration. But few of us exercise (in both meanings of the word, LOL). Now, the Bear Call spread is a credit spread, but IV works against a seller, even with the calls. But the Bull Put spread allows you to sell a put and not have to put up the margin (b/c you also buy a lower strike put as a hedge). Now if prices rise, the IV of the put you sold should go down, working in your favor. Now it's true that the put you bougth will also lose in value, but I think the net benefit is with decline in price with the one you bought. That being said, my general opinion of vertical spreads is that they are way for brokers to make money and keep their clients from losing too quickly. I tend to believe that most vertical spreads are worse than a outright long calls or puts positions. Anyone care to comment, am I off base here?