I am new to options and studying various option strategies. I have a doubt regarding bull call spread.
Support I am bullish about a stock/index and I buy the call option. From what I understand, one way to hedge my risk is to sell a OTM call in case the market doesn’t go in favorable direction. I have seen people creating 2 legs for this and doing it together in general.
However what if I buy the call option and if the market doesn’t move in my favor (let’s say after few days) and then I decide to sell OTM call instead of doing it along with buying the call then is it any different? It should still be a valid bull call spread but my question is how is it different in terms of change in profits/losses, volatility, time decay compared to the typical 2-leg scenario where both legs are created together. In other words, how does creating the 2nd leg later impact the overall strategy in favorable or unfavorable way, if any.