{"slug":"credit-spread-vs-debit-spread","qid":"spread_ladder","label":"Every $5-wide vertical on one AAPL chain: debit paid against credit taken","post_title":"Credit Spread vs Debit Spread: Same Trade?","post_url":"/blog/credit-spread-vs-debit-spread#q-spread_ladder","columns":["spread_strikes","call_debit","put_credit","debit_plus_credit"],"rows":[{"spread_strikes":"$275 / $280","call_debit":3.7,"put_credit":1.04,"debit_plus_credit":4.74},{"spread_strikes":"$280 / $285","call_debit":3.49,"put_credit":1.42,"debit_plus_credit":4.91},{"spread_strikes":"$285 / $290","call_debit":3.21,"put_credit":1.89,"debit_plus_credit":5.1},{"spread_strikes":"$290 / $295","call_debit":2.6,"put_credit":2.91,"debit_plus_credit":5.51},{"spread_strikes":"$295 / $300","call_debit":2,"put_credit":2.54,"debit_plus_credit":4.54},{"spread_strikes":"$315 / $320","call_debit":0.49,"put_credit":4.65,"debit_plus_credit":5.14}],"shape":"ranking","sql":"WITH chain AS\n(\n    SELECT\n        toFloat64(strike_price)                                                  AS strike,\n        any(toFloat64(underlying_close))                                         AS spot,\n        avgIf(toFloat64(option_close), lower(option_type) IN ('call', 'c'))      AS call_px,\n        avgIf(toFloat64(option_close), lower(option_type) IN ('put', 'p'))       AS put_px\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'AAPL'\n      AND date = '2026-06-12'\n      AND expiration_date = '2026-07-17'\n      AND volume >= 50\n      AND toFloat64(strike_price) = round(toFloat64(strike_price) / 5) * 5\n      AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.10\n    GROUP BY strike\n    HAVING countIf(lower(option_type) IN ('call', 'c')) > 0\n       AND countIf(lower(option_type) IN ('put', 'p')) > 0\n)\nSELECT\n    concat('$', toString(lo.strike), ' / $', toString(hi.strike))                AS spread_strikes,\n    round(lo.call_px - hi.call_px, 2)                                            AS call_debit,\n    round(hi.put_px - lo.put_px, 2)                                              AS put_credit,\n    round((lo.call_px - hi.call_px) + (hi.put_px - lo.put_px), 2)                AS debit_plus_credit\nFROM chain AS lo\nINNER JOIN chain AS hi ON hi.strike = lo.strike + 5\nORDER BY lo.strike","computed_at":"2026-08-07T16:16:38.482037+00:00","elapsed":0.003442323}