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Can you explain that? If it was at 191.50 at expiry, I wouldn't think there would be a difference. Both the 191 and the 190 puts would expire worthless, and I would have to buy the 192 strike back for $.50 either way.

1) Right, but taken as a whole the 192/191 would offer a more advantageous break even point 2)Yes, but I would think that if anything, having a higher(191) long strike would be more advantageous in this scenario 3)True with either 4) True. But you should get a better spread with the...

How is the risk any greater with 2 1-point spreads versuses 1 2-point spreads?

I've got a question about where the most optimal strike placement is when doing a spread. Most of what I read recommends doing a 2 or 5 point wide spread on say, a $50 stock. Won't you make more if you do, say, 2 1-point spreads vs 1 2-point spreads. Example on SPY: You could do a Jun30...