... calls, and if XYZ rallies to 115, then the solution is to buy one 125 call Likewise, if the spread is long one 95 put and short two 85 puts, and if XYZ breaks to 85, then the solution is to buy ... move to the short strike, with no sign of a retracement, the spread becomes subject to the delta and vega risk of the extra short option It is then advisable to cover the risk of this option There ... out-of-themoney and at -the- money calls or puts The further a spread is from the underlying, the less cost or income it has, and the less probability it has of becoming in -the- money 1×1s and volatility...