these are better than options, IMO.
How is it called for options ?
e.g.:
A) you buy S+P500 call base 1100 and you sell S+P500
calls base 1200, as one combined contract.
B) you buy S+P500 put base 1200 and you sell S+P600 put base 1100
as one combined contract
expiry end of 2011...