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At expiration, between $150 and $190, profits vary between $4,000 and $9,000. That seems pretty decent on a $40,000 investment, no?

Thanks. Yes, that's what I mean and pretty much what I got in my simulation as well. Seems pretty good to me as $138-$200 is a pretty good range.

What do you think of this play? - Sell 10 May 185’s - Sell 10 May $140’s puts - Buy 12 Jan 09 200’s - Buy 10 Jul 150 puts. Profitable between 135 and 208 at may expiration. Max profit at 185. Takes advantage of IV crush. Thanks

I don't understand this. I can have the same delta I would have with a naked call just by adjusting the number of contracts. In the example I gave, I can achieve the same delta by buying twice the number of spreads.

Are there any obvious disadvantages in using vertical spreads VS naked calls/puts? Other than the obvious capping of potential profits, of course. I am a swing trader (4-7 days) using options for directional trades. I am in no way an expert in options' greeks, and don't really want to be one...