Last night I was re-reading a section of "Options as a Strategic Investment" where McMillan recommends using bear put spreads versus bear call spreads. His reasoning is that 1) the put spread should accrue more value than the corresponding call spread on a quick underlying move and 2) early assignment is not a concern since the short put is deeper OTM. That makes sense to me, but I was hoping to get some other opinions. I feel like his analysis is glossing over a few points that seem significant to me. What about cost of carry differences? Even the subtle psychological differences in starting from a credit vs a debit? Also, does this bias hold the same weight for a bull spread? The book implies that a large part of the bear put spread's advantage comes from a favorable IV skew. On the one hand, I'm moving to thinkorswim and their exercise/assignment fee ($15) is not trivial compared to $2.95 to sell the short option. It would be nice not to have that extra worry about early assignment hanging over my head. Of course there's no "right" answer, depends on the situation, etc, but I'd still like to hear any thoughts or opinions from those who have tried both.