{"id":248373,"date":"2026-06-26T13:40:09","date_gmt":"2026-06-26T17:40:09","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?post_type=webinars&#038;p=248373"},"modified":"2026-06-26T14:28:06","modified_gmt":"2026-06-26T18:28:06","slug":"beyond-yes-or-no-understanding-binary-options-and-1-vertical-spreads","status":"publish","type":"webinars","link":"https:\/\/www.interactivebrokers.com\/campus\/webinars\/beyond-yes-or-no-understanding-binary-options-and-1-vertical-spreads\/","title":{"rendered":"Beyond Yes or No: Understanding Binary Options and $1 Vertical Spreads"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Binary options and $1 vertical spreads can both be used to express a defined-risk view around a market level, but they do not create the same payoff or the same risk profile.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this session, OIC instructor Mat&nbsp;Cashman&nbsp;will examine the mechanics behind event-style option payoffs, including strike selection, expiration, settlement value, payoff structure, pricing intuition, and near-strike risk. The presentation will compare the all-or-nothing \u201ccliff\u201d payoff of a binary option with the more graduated \u201cramp\u201d payoff of a $1 vertical spread.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The session will also discuss why binary prices may appear probability-like, why that interpretation has limits, and how traditional vertical spreads may provide a useful reference point for understanding sensitivity near the strike.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binary options and $1 vertical spreads can both be used to express a defined-risk view around a market level, but they do not create the same payoff or the same risk profile.<\/p>\n<p>In this session, OIC instructor Mat Cashman will examine the mechanics behind event-style option payoffs, including strike selection, expiration, settlement value, payoff structure, pricing intuition, and near-strike risk. The presentation will compare the all-or-nothing \u201ccliff\u201d payoff of a binary option with the more graduated \u201cramp\u201d payoff of a $1 vertical spread.<\/p>\n<p>The session will also discuss why binary prices may appear probability-like, why that interpretation has limits, and how traditional vertical spreads may provide a useful reference point for understanding sensitivity near the strike.<\/p>\n","protected":false},"author":1047,"featured_media":231766,"parent":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13771,13871],"webinar-categories":[13879,13112,13878],"class_list":["post-248373","webinars","type-webinars","status-publish","has-post-thumbnail","contributors-categories-occ","contributors-categories-the-options-industry-council-oic","webinar-categories-options","webinar-categories-upcoming-webinars","webinar-categories-webinar-topics-webinars"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | IBKR Webinars | IBKR Campus<\/title>\n<meta name=\"description\" content=\"Binary options and $1 vertical spreads can both be used to express a defined-risk view around 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