1. The ‘Smarter’ Directional Bet
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2. The Math of Leverage (Risk vs. Reward)
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3. The Greeks of Momentum (Delta & Theta)
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4. Picking Your Strikes and Assignment Risk
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5. Actions to Take at Expiry
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6. Topic 6: Course Summary & The Bearish Roadmap
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Depending on how much you think the SPY will fall, you can position your “Spread” in three ways:
| Aggression Level | Strike Placement | Goal | Potential ROI |
| Conservative | In-The-Money (ITM) | Small move down or flat. | Lower |
| Moderate | At-The-Money (ATM) | Move below current price. | Balanced |
| Aggressive | Out-of-The-Money (OTM) | Major market crash. | Highest |
In our SPY $672/$668 example, we are Moderate. We bought the strike right at the current market price ($672), meaning we are positioned to profit from almost any downward movement.