During the past 52 weeks, the SPDR S&P 500 has ranged from $575.60 to $740.79. So far this year, the ETF is up 8.7%. Spreads are often derided since profits are limited to the difference between strike prices, less the cost, but that’s dumb. The real motor of options trading is implied volatility—and it’s a better way to look at options trading than simply quoted prices.
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