Hello everyone, there is a new article on this website I follow that I wanted to discuss. The article is here: https://tradingmatex.com/options-as-stock-replacement/ After reading this, I have two questions I would appreciate your help on: The article says that "in the last few days the gamma of the second strategy is higher if the underlying has moved up 1%". Can someone help me visualize the 2 gamma profiles of the 2 strategies? Do they really differ a lot in the last 5 days? Related to a recent question I asked, if options are american-style and the short option gets exercised, I will have to excercise one of the long ITM options to avoid delivery (or to deliver if I am short a put). Wouldn't that be another element to consider when using this strategy as alternative to the simple long option strategy? Apart from this, it looks quite interesting approach and the second point would not even be an issue on all european-style options.