When a $5 Credit Spread Trades Like $7.50: Lessons from a MSFT Put Spread Gone Sideways
When a $5 Credit Spread Trades Like $7.50: Lessons from a MSFT Put Spread Gone Sideways
Options spreads are often described as “defined risk” strategies — structured trades where the maximum gain and loss are known in advance. But real markets, especially around earnings and near expiration, can behave in ways that feel anything but predictable. This post breaks down a real Microsoft options trade that started as a credit spread…