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What is the point of choosing a debit spread vs a credit spread when they give you the same p/l graph. When volty is low you should be buying and selling when volty is high. But if credit and debit spreads give you the same p/l, what is the difference between buying and selling?

If they are about the same, are we benefiting from high or low premiums? Do only want to be setting up vertical spreads when Implied Volatility is high?

So if I had quotes from market hours, would the p/l be exactly the same?

I know, they are identical in all aspects, but how come one will give you a better risk profile than the other sometimes? Shouldn't they always be the same if they are identical in every way? I think something can be deduced from their differences. edit: With the example I posted earlier...

What do you mean by this? So if the goal is to be selling when volatility is overpriced and buying when it is over priced, can't we use debit spreads, as in Bull call spreads, to buy, and credit spreads, bull put spreads, to sell? So if you think premiums are overpriced, you should set...

I think it has to do with the bid/ask spread

So I'm trying to find the difference between Bull call spreads and Bull put spreads (and Bear spreads) in relation to Implied Volatility. PCLN May Long 540 call $30.40 Short 545 call $26.50 vs Long 540 put $21.60 Short 545 put $23.50 With the call spread, your profit comes from the...

Can vertical spreads be used during low volatility? More simply, what kind of spread benefits from low premiums?