When to use
If market is near A and you expect it to start moving but are not sure which way.  Especially good position if market has been quiet, then starts to zigzag sharply, signaling potential eruption.

Profit Characteristics
Profit open - ended in either direction.  At expiration, break-even is at A, plus or minus cost of spread.  However, position is seldom held to expiration because of increasing decay levels with time.

Loss Characteristics
Loss limited to cost of spread (assuming most common version, the call-put spread).  Maximum loss incurred if market is at A at expiration.

Decay Characteristics
Decay accelerates as options approach expiration.  For this reason, position is adjusted to neutrality by frequent profit-taking.  It is normally taken off well before expiration.

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