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Manage Your Business Cash Flow Cash flow is the heart of the business, and as any other "heart", it sustains the business. Paper Trading Credit Spread and Iron Condor Option Trades Paper trading using one of the many virtual trading systems provided by option brokers, and now CBOE, is so important if you have never traded options. This is especially important trading credit spreads, like Bull Puts and Bear Calls and ultimately Iron Condors. Index Credit Spread Trading Credit spread trading is an option trading strategy many individual option traders know nothing about. Option Credit Spread Trading - Limited Risk with Limited Profit A vertical credit spread is constructed by buying one option and selling another option of the same type (call or put) in the same expiration month, where the option sold is more expensive than the option bought, resulting in a net credit to your trading account. With a credit spread there is a margin requirement based on the difference in the strike prices.