Beginner

Vertical Spreads

1) What is the difference between a vertical credit spread and a vertical debit spread?
2) What characteristic of a vertical spread makes it bullish or bearish?

Intermediate

Wing Spreads

3) What are the six types of condors?
4) When is the best time to enter a condor or butterfly?
5) When is the worst time to enter a condor or butterfly?

Time Spreads

6) What are the four types of long time spreads?
7) When is the best time to enter a long time spread?
8) When is the worst time to enter a long time spread?

Advanced

Volatility

9) What is the relationship between market supply/demand and an option's premium?
10) How does a change in implied volatility affect a vertical spread's net premium?
11) How does a change in implied volatility affect a delta-neutral wing-spread's probability of success?
12) How does a decrease in short-term volatility affect a long time-spread?