# Why Sophisticated Traders Negotiate Their Option Spreads ▴ Guide

**Published:** 2025-08-08
**Categories:** Guide

---

![Abstract depiction of an advanced institutional trading system, featuring a prominent sensor for real-time price discovery and an intelligence layer. Visible circuitry signifies algorithmic trading capabilities, low-latency execution, and robust FIX protocol integration for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-protocols.jpg)

![A polished blue sphere representing a digital asset derivative rests on a metallic ring, symbolizing market microstructure and RFQ protocols, supported by a foundational beige sphere, an institutional liquidity pool. A smaller blue sphere floats above, denoting atomic settlement or a private quotation within a Principal's Prime RFQ for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-and-rfq-protocols.jpg)

## The Mandate for Price Precision

Executing complex, multi-leg option strategies requires a level of precision that [public order](https://prime.greeks.live/guide/why-the-public-order-book-is-costing-you-money-on-large-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) books are structurally unable to provide. The process of trading sophisticated positions, such as spreads, straddles, and collars, involves a fundamental need to control execution price and minimize uncertainty. This is achieved through a dedicated mechanism for sourcing institutional-grade liquidity ▴ the Request for Quote (RFQ) system. An RFQ is an electronic, private invitation for select [market makers](https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to provide a firm, executable price for a specific, often large or complex, derivatives structure.

This system transforms the trading process from passive order placement into an active negotiation. It allows a trader to command liquidity on their own terms, defining the exact parameters of the trade and soliciting competitive, two-way prices from specialists.

The operational value of an [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is rooted in its ability to eliminate the primary risks associated with executing multi-leg strategies on a public exchange. [Legging risk](https://prime.greeks.live/area/legging-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the danger that one part of a spread will execute while another fails or fills at a degraded price, is entirely neutralized because the entire structure is quoted and traded as a single, atomic unit. This capacity for single-execution finality is paramount for maintaining the strategic integrity of a position. Furthermore, the process provides a conduit to deep, often unseen liquidity pools.

Market makers can quote substantial sizes with tighter spreads in a private RFQ environment, a commitment they would be hesitant to display on a public [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) where it could be misinterpreted or opportunistically traded against. The anonymity of the requestor during the initial phase protects their strategic intent, preventing information leakage that could move the market against their position before execution is complete.

Understanding the [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reveals the necessity of such a system. Public order books, while efficient for standard, small-scale trades, are a fragmented and often shallow representation of true market depth, especially for less common option strikes or complex combinations. Relying on them for institutional-scale trades means stepping through multiple price levels, accumulating slippage, and broadcasting intent to the entire market. The RFQ system functions as a parallel, more robust liquidity channel.

It is an engineering solution to the inherent limitations of the public market, providing a structured, confidential, and highly efficient method for price discovery and trade execution. Mastering this mechanism is a foundational step for any trader seeking to elevate their execution quality from retail standards to a professional, institutional grade.

![A macro view reveals the intricate mechanical core of an institutional-grade system, symbolizing the market microstructure of digital asset derivatives trading. Interlocking components and a precision gear suggest high-fidelity execution and algorithmic trading within an RFQ protocol framework, enabling price discovery and liquidity aggregation for multi-leg spreads on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-precision-engine.jpg)

![A sophisticated proprietary system module featuring precision-engineered components, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its intricate design represents market microstructure analysis, RFQ protocol integration, and high-fidelity execution capabilities, optimizing liquidity aggregation and price discovery for block trades within a multi-leg spread environment](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-proprietary-architecture-driving-high-fidelity-digital-asset-derivatives-execution-via-rfq-protocols-and-optimized-market-microstructure-dynamics.jpg)

## The Engineering of a Superior Fill

Deploying the RFQ system is a strategic discipline. It involves a methodical approach to constructing a request, evaluating the competitive responses, and executing with precision. The objective is to engineer a transaction that captures the intended strategic value of an options spread while minimizing the frictional costs of execution. This process is applicable across a wide spectrum of multi-leg strategies, each with its own nuances but all benefiting from the core principles of negotiated liquidity.

![A symmetrical, multi-faceted structure depicts an institutional Digital Asset Derivatives execution system. Its central crystalline core represents high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## Vertical Spreads a Study in Cost Control

[Vertical spreads](https://prime.greeks.live/area/vertical-spreads/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), whether debit or credit, are fundamental building blocks of many options portfolios. Their profitability is acutely sensitive to the entry price. When executing a sizable vertical spread through the public order book, a trader contends with the bid-ask spread on two separate contracts, creating a high probability of value leakage.

An RFQ consolidates this into a single, net price negotiation. The process is systematic.

First, the trader constructs the exact spread within their execution platform ▴ for instance, buying a 450-strike call and selling a 460-strike call on a specific underlying. They define the total size of the spread, for example, 500 contracts. This package is then submitted as an RFQ to a curated list of three to five [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This curated competition is vital; including too many responders risks information leakage, while too few may not generate sufficient price tension.

The market makers respond with a firm bid and offer on the entire spread as a single entity. The trader can then lift the offer or hit the bid to execute the entire 500-contract spread in one transaction, securing a precise net debit or credit. This removes the uncertainty of legging into the position and often results in a better price than the combined national best bid and offer (NBBO) of the individual legs.

> A 2020 report by the TABB Group demonstrated that using an RFQ for a vertical spread on a highly liquid ETF allowed a trader to execute at a size significantly larger than the displayed quote and at a price that improved upon the NBBO.

![A modular, spherical digital asset derivatives intelligence core, featuring a glowing teal central lens, rests on a stable dark base. This represents the precision RFQ protocol execution engine, facilitating high-fidelity execution and robust price discovery within an institutional principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/principal-trading-digital-asset-derivatives-rfq-execution-core.jpg)

## Time Spreads and Calendar Spreads the Volatility Negotiation

Strategies involving different expiration dates, such as calendar or diagonal spreads, introduce another layer of complexity ▴ term structure and relative volatility pricing. Executing these on the open market is challenging because the liquidity profiles of different expiration cycles can vary dramatically. An RFQ is the superior mechanism for engaging with market makers who specialize in pricing these temporal relationships.

Consider a trader looking to sell a front-month call and buy a back-month call to position for a rise in implied volatility. The RFQ process allows them to present this specific structure to volatility arbitrage specialists. The request will contain the precise legs and size, and the responding quotes will reflect a competitive market for that specific term-structure relationship. This is a level of pricing granularity that is simply unavailable in the central limit order book.

The negotiation becomes a focused discussion on the fair value of the spread, informed by the expert views of multiple market makers. The ability to execute the entire structure atomically ensures the intended volatility exposure is achieved without the risk of the market moving between the execution of the two legs.

![A sleek, multi-layered institutional crypto derivatives platform interface, featuring a transparent intelligence layer for real-time market microstructure analysis. Buttons signify RFQ protocol initiation for block trades, enabling high-fidelity execution and optimal price discovery within a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-precision-execution-rfq-protocol-intelligence-layer.jpg)

## Complex Structures the Mandate for Atomic Execution

For more intricate strategies like iron condors, butterflies, or straddles, the case for RFQ execution becomes even more compelling. These four-legged structures are highly sensitive to small variations in the price of each component. Attempting to execute them leg-by-leg is operationally perilous and exposes the trader to significant execution risk. A failed or poorly priced leg can completely alter the risk-reward profile of the intended position, sometimes turning a hedged position into a speculative one.

The RFQ system is designed for this very challenge. The entire multi-leg strategy is packaged into a single, tradeable instrument. Market makers quote a single net price for the entire condor or butterfly. This has several profound benefits:

- **Risk Nullification** The execution is atomic, meaning all four legs are filled simultaneously as one transaction. This completely eliminates legging risk.

- **Operational Efficiency** It dramatically simplifies the execution process, replacing four separate orders with a single negotiation and fill. This reduces the chance of manual error and saves valuable time.

- **Holistic Pricing** Market makers can price the net risk of the entire structure more competitively than the sum of its parts. They can account for the offsetting risks between the different legs, often resulting in a tighter effective spread for the trader.

- **Guaranteed Size** The RFQ allows for the execution of large, institutional-sized positions at a single, firm price, something that is often impossible to achieve by working an order across multiple exchanges and price levels.

The discipline of using RFQs for all multi-leg strategies is a hallmark of sophisticated trading operations. It represents a shift from being a passive price-taker to an active participant in the price formation process. It is a system engineered for control, efficiency, and, ultimately, superior long-term performance by systematically reducing the transaction costs that erode strategic returns.

![A stylized rendering illustrates a robust RFQ protocol within an institutional market microstructure, depicting high-fidelity execution of digital asset derivatives. A transparent mechanism channels a precise order, symbolizing efficient price discovery and atomic settlement for block trades via a prime brokerage system](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-execution-digital-asset-derivatives-options-high-fidelity-trading.jpg)

![A transparent sphere, representing a digital asset option, rests on an aqua geometric RFQ execution venue. This proprietary liquidity pool integrates with an opaque institutional grade infrastructure, depicting high-fidelity execution and atomic settlement within a Principal's operational framework for Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-prime-os.jpg)

## The Systematization of Execution Alpha

Mastering the RFQ is the foundational layer. Integrating this capability into a broader portfolio management framework is where durable, long-term alpha is generated. This evolution moves a trader from executing discrete, advantageous trades to running a systematic process that consistently minimizes transaction costs and enhances returns across the entire book. It is about transforming a tactical tool into a strategic cornerstone of the entire investment operation.

The primary vector for this expansion is the integration of RFQ capabilities with algorithmic trading systems. Sophisticated traders do not manually send every RFQ. They build or utilize execution management systems (EMS) that automate the process based on pre-defined parameters. For instance, an algorithm designed to maintain a delta-neutral portfolio can be programmed to automatically generate an RFQ for a specific option spread whenever the portfolio’s net delta drifts beyond a certain threshold.

The system can automatically select the most appropriate market makers based on historical response quality, send the request, analyze the incoming quotes, and execute at the best available price. This creates a semi-automated hedging machine that operates with a level of speed and efficiency unattainable through manual intervention.

![Glowing teal conduit symbolizes high-fidelity execution pathways and real-time market microstructure data flow for digital asset derivatives. Smooth grey spheres represent aggregated liquidity pools and robust counterparty risk management within a Prime RFQ, enabling optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-prime-os.jpg)

## Portfolio-Level Risk Management through Negotiated Liquidity

A significant portion of a professional trader’s focus is on managing portfolio-level risks ▴ vega, gamma, and theta exposures. When market conditions shift rapidly, these exposures must be adjusted at scale. Attempting to execute the large, multi-leg option structures required for these adjustments on the public market during a volatile period is a recipe for severe slippage and market impact. This is precisely the scenario where a deep understanding of negotiated liquidity becomes a critical defensive and offensive tool.

A portfolio manager facing an undesirable gamma exposure can use the RFQ system to source immediate, large-scale liquidity for a complex, gamma-reducing spread. They are engaging a private, competitive auction for the exact risk transfer they need, at the moment they need it. This is a profound shift in agency. The trader is actively managing their risk profile with precision, using the RFQ to command the liquidity required to restructure their portfolio’s exposures efficiently.

The alternative ▴ passively placing orders on the public screen ▴ would mean fighting for liquidity and likely exacerbating the very market volatility they are trying to hedge. This is a clear demonstration of how execution skill translates directly into superior risk management and portfolio stability.

> Pre-trade transaction cost analysis (TCA) models are often employed by institutional desks to estimate the potential market impact of a large trade, providing a quantitative basis for choosing a negotiated RFQ execution over a public market execution to minimize projected costs.

Visible Intellectual Grappling ▴ One must constantly weigh the trade-offs in this domain. The decision to reveal your identity as a taker in an RFQ, for instance, is a complex one. Doing so may grant you access to better pricing from certain market makers who value that transparency and want to build a relationship. However, it also provides them with a data point on your activity.

Over time, a pattern of behavior could be discerned. The truly advanced operator thinks about this meta-game, perhaps remaining anonymous for tactical, alpha-generating trades while revealing their identity for larger, standard hedging flows to cultivate long-term liquidity relationships. There is no single correct answer; it is a continuous, dynamic optimization problem.

![A detailed view of an institutional-grade Digital Asset Derivatives trading interface, featuring a central liquidity pool visualization through a clear, tinted disc. Subtle market microstructure elements are visible, suggesting real-time price discovery and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-display.jpg)

## The Compounding Edge of Best Execution

The final layer of mastery is the recognition that every basis point saved on execution cost compounds over time into a significant performance advantage. The discipline of consistently negotiating for a better price, of systematically reducing slippage, and of avoiding the hidden costs of market impact is a source of alpha in itself. This is the essence of what regulators and institutional investors refer to as “[best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).” It is a professional obligation and a competitive advantage.

By making the RFQ process the default mechanism for all non-trivial spread trades, a trader creates a structural advantage. This is their system. Each trade benefits from competitive pricing, guaranteed fills, and the absence of legging risk. Over hundreds or thousands of trades, the accumulated savings and risk reductions create a performance buffer that can mean the difference between a winning and losing strategy.

This systematic approach to execution excellence is a defining characteristic of a sophisticated, professional trading operation. It is a long-term investment in the operational infrastructure of profitability.

![Luminous blue drops on geometric planes depict institutional Digital Asset Derivatives trading. Large spheres represent atomic settlement of block trades and aggregated inquiries, while smaller droplets signify granular market microstructure data](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-optimal-liquidity-discovery.jpg)

## Beyond the Trade a New Operating Logic

The transition to negotiated execution is the adoption of a new market philosophy. It is the understanding that the price displayed on the screen is merely an invitation to a much deeper conversation about value. By engaging directly with liquidity providers through a structured, competitive process, you move from being a passive consumer of market data to an active participant in its creation.

The skills developed in this arena ▴ precision in communication, strategic selection of counterparties, and a deep understanding of market microstructure ▴ become the bedrock of a more resilient and profitable trading enterprise. This is the path from simply placing trades to truly engineering them.

![A sophisticated metallic mechanism with integrated translucent teal pathways on a dark background. This abstract visualizes the intricate market microstructure of an institutional digital asset derivatives platform, specifically the RFQ engine facilitating private quotation and block trade execution](https://options.greeks.live/wp-content/uploads/2025/07/systemic-framework-for-institutional-digital-asset-derivatives-rfq-price-discovery-and-atomic-settlement.jpg)

## Glossary

<a href="https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent, precisely engineered optical array rests upon a reflective dark surface, symbolizing high-fidelity execution within a Prime RFQ. Beige conduits represent latency-optimized data pipelines facilitating RFQ protocols for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-architecture.jpg)

## Market Makers

Meaning ▴ Market Makers are financial entities that provide liquidity to a market by continuously quoting both a bid price (to buy) and an ask price (to sell) for a given financial instrument. </a><a href="https://prime.greeks.live/guide/why-the-public-order-book-is-costing-you-money-on-large-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered modular components, with teal accents, align at a central interface. This visually embodies an RFQ protocol for institutional digital asset derivatives, facilitating principal liquidity aggregation and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-interface-for-atomic-settlement.jpg)

## Public Order

Stop bleeding profit on slippage; learn the institutional protocol for executing large trades at the price you command. </a><a href="https://prime.greeks.live/area/legging-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract, layered spheres symbolize complex market microstructure and liquidity pools. A central reflective conduit represents RFQ protocols enabling block trade execution and precise price discovery for multi-leg spread strategies, ensuring high-fidelity execution within institutional trading of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-high-fidelity.jpg)

## Legging Risk

Meaning ▴ Legging risk defines the exposure to adverse price movements that materializes when executing a multi-component trading strategy, such as an arbitrage or a spread, where not all constituent orders are executed simultaneously or are subject to independent fill probabilities. </a><a href="https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, black and beige institutional-grade device, featuring a prominent optical lens for real-time market microstructure analysis and an open modular port. This RFQ protocol engine facilitates high-fidelity execution of multi-leg spreads, optimizing price discovery for digital asset derivatives and accessing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-engine-for-high-fidelity-price-discovery-and-latent-liquidity-aggregation-across-multi-leg-spreads.jpg)

## Rfq System

Meaning ▴ An RFQ System, or Request for Quote System, is a dedicated electronic platform designed to facilitate the solicitation of executable prices from multiple liquidity providers for a specified financial instrument and quantity. </a><a href="https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous digital market microstructure diagram depicts intersecting high-fidelity execution paths over a transparent liquidity pool. A central RFQ engine processes aggregated inquiries for institutional digital asset derivatives, optimizing price discovery and capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-principal-operational-framework-price-discovery.jpg)

## Order Book

Meaning ▴ An Order Book is a real-time electronic ledger detailing all outstanding buy and sell orders for a specific financial instrument, organized by price level and sorted by time priority within each level. </a><a href="https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A clear, faceted digital asset derivatives instrument, signifying a high-fidelity execution engine, precisely intersects a teal RFQ protocol bar. This illustrates multi-leg spread optimization and atomic settlement within a Prime RFQ for institutional aggregated inquiry, ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure refers to the study of the processes and rules by which securities are traded, focusing on the specific mechanisms of price discovery, order flow dynamics, and transaction costs within a trading venue. </a><a href="https://prime.greeks.live/area/vertical-spreads/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Geometric shapes symbolize an institutional digital asset derivatives trading ecosystem. A pyramid denotes foundational quantitative analysis and the Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-system-microstructure.jpg)

## Vertical Spreads

Meaning ▴ Vertical Spreads represent a fundamental options strategy involving the simultaneous purchase and sale of two options of the same type, on the same underlying asset, with the same expiration date, but possessing different strike prices. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished, dark teal institutional-grade mechanism reveals an internal beige interface, precisely deploying a metallic, arrow-etched component. This signifies high-fidelity execution within an RFQ protocol, enabling atomic settlement and optimized price discovery for institutional digital asset derivatives and multi-leg spreads, ensuring minimal slippage and robust capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/quantitative-finance-driven-rfq-workflow-for-best-execution-in-digital-assets.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic blade signifies high-fidelity execution and smart order routing, piercing a complex Prime RFQ orb. Within, market microstructure, algorithmic trading, and liquidity pools are visualized](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-precision.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a>

**Tags:** [Institutional Trading](https://options.greeks.live/area/institutional-trading/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Atomic Execution](https://options.greeks.live/area/atomic-execution/), [Vertical Spreads](https://options.greeks.live/area/vertical-spreads/), [RFQ System](https://options.greeks.live/area/rfq-system/), [Market Makers](https://options.greeks.live/area/market-makers/)	

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- 
### [Mastering Options RFQ for Superior Trade Execution and Income](https://options.greeks.live/guide/mastering-options-rfq-for-superior-trade-execution-and-income/)
![Two high-gloss, white cylindrical execution channels with dark, circular apertures and secure bolted flanges, representing robust institutional-grade infrastructure for digital asset derivatives. These conduits facilitate precise RFQ protocols, ensuring optimal liquidity aggregation and high-fidelity execution within a proprietary Prime RFQ environment.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-execution-channels-enabling-private-quotation-and-optimal-liquidity-aggregation-for-high-fidelity-digital-asset-derivatives-rfq-protocols-on-prime-os.jpg)

Command private liquidity and execute large options trades with surgical precision to minimize costs and maximize returns.

---

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---

**Original URL:** https://options.greeks.live/guide/why-sophisticated-traders-negotiate-their-option-spreads/
