I've been giving some thoughts lately to playing theta by buying ITM call spreads and put spreads instead of selling OTM spreads. For example with say 40 days to go you can buy a call spread in say sep beans like the 900-920 for 16 1/2 or so. As long as beans are above 920 at option expiration the spread will grow to 20. You'd have to pay exercise fees or just exit and give up a 1/2 cent to the pit on that day. It seems you could sell a deep OTM spread for around 3 1/2 cents but modeling the span it could tie up more money. I'm curious as to if anyone else plays the theta with deep ITM instead of OTM options? I'm sure there is something I'm missing.... so if you could point that out it would be great.