The Long View, institutional investor, posted on X. Options trading offers significant advantages by reducing delta and increasing gamma, which helps traders focus on specific profit and loss areas within a distribution. However, spreads are also considered a valuable tool both psychologically and practically. They enable traders to counteract adverse market movements by buying back the further out-of-the-money (OTM) strike. Additionally, spreads reduce sensitivity to volatility and theta decay, providing a buffer while waiting for the market to move in the desired direction. It is crucial to ensure that the second leg of the spread is positioned near a strike price where the trader intends to buy.