Strategy

Vertical Spread

By Ryan Silk & Lawrence Polatchek · Reviewed April 2026 · Options Trading Glossary

Different strikes, same expiration

What is Vertical Spread?

Vertical Spread A spread using two options at different strikes with the same expiration. Can be debit (pay) or credit (receive). The most basic spread structure.

Complete Definition

A spread using two options at different strikes with the same expiration. Can be debit (pay) or credit (receive). The most basic spread structure.

Related Terms

Credit Spread Debit Spread Bull Call Spread

Written by

ApexVol Research Team

Quantitative options research

All calculations use live ORATS institutional data — the same source used by professional volatility desks.

Technical reviewer

Ryan Silk, ApexVol Founder

Reviewed for technical accuracy

10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.

This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12. How we research →

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