Research results: I found out the hard way that there are at least 3 account types for options spread trading: 1) CashAcct with no SpreadTrading (but one can simulate SpreadTrades) 2) CashAcct with SpreadTrading (as offered by TradeStation) 3) MarginAcct with SpreadTrading Each of them has a different outcome. Example: a Vertical Bear Put Spread (Debit) using Black-Scholes-Merton: UnderlyingSpot=100 DTE=30 ShortPut: K=90 IV=25 (Premium=0.2132) LongPut: K=100 IV=25 (Premium=2.8587) --> https://optioncreator.com/stlyxtl MinPL=-2.6455 @Sx=100.00 MaxPL=7.3545 @Sx=90.00 Effective P/L% : 1) CashAcct with no SpreadTrading (but with simulated SpreadTrade): CostBase=92.6455 MinPL=-2.86% MaxPL=7.94% 2) CashAcct with SpreadTrading: CostBase=2.6455 MinPL=-100.00% MaxPL=278.00% 3) MarginAcct with SpreadTrading: CostBase=3.0719 MinPL=-86.12% MaxPL=239.41% Conclusions: many...