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One will commonly hear or read the following “rule of thumb” for options spread trading: 

When implied volatility is high, sell credit spreads and when implied volatility is low, buy debit spreads. 

Unfortunately, this is simply not true. The credit spread and its corresponding debit spread at the same strike prices will always have virtually identical returns on investment (ROI). This paper addresses the role of implied volatility in the vertical spread, both at initiation and over the course of the trade.