1. VFOTM (Extreme OTM)

2. Normal

3. Extreme OTM roadtrip vs Regular Roadtrip
VFOTM (very far OTM)
Lower trigger point
Lower loss 100 points down
Lower theta
Greatly reduced or eliminated ability to manage the top expiration line by the tools
Trigger point is at top of tent

4. Roadtrip Margin Profile
Margin in use 80 70 60 50 40 30 20
DTE

5. Debit Spread Analysis SPX: 2427 on 6-15-17 Spread Cost Max Profit
Delta
Theta
Vega
Profit in 20 pt move in your favor
ITM
2490/2470
16.05
3.95 80
-7.2
7.4
-68
177
ATM
2440/2420
7.5
12.5 37
-12.6
7.3
-26
236
OTM
2390/2370
3.3
16.7 16
-7.8
0.4 23
137
Which one to choose?

6. Think about the slope of the t+0 line at current market
ITM
ATM
OTM