Spread

スプレッド。2つ以上のオプションを組み合わせた建玉で、通常はコストとリスクの双方を限定する目的で組む。

In options trading, a spread means holding two or more legs on the same underlying at the same time, usually one you buy and one you sell. Instead of betting on a single option, you combine them so the option you sell helps pay for the one you buy. This lowers your cost and, just as importantly, caps how much you can lose or make.

A classic example is a bull call spread: you buy a 100 call and sell a 110 call in the same expiry. If the stock rises above 110, both legs are in the money and you collect the full width between the strikes, minus the premium you paid. Your maximum loss is limited to that premium if the stock stays below 100.

The common mistake is forgetting that a spread caps your upside too. Beginners often love the cheaper entry but feel cheated when a stock rockets past the short strike and their gain stops there. Also watch the bid-ask spread on each leg, since paying up on two options at once quietly eats into an already limited profit.

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