Options traders can and do capitalize on time decay, even though they are not implementing higher-risk strategies such as a front-month bull call spread. Being long premium (i.e., buying options) means the stock must move the trader’s way for the trade to profit. It would only make sense that a debit spread, such as the bull call spread, would also need directional price movement in the trader’s favor.

However, front-month bull call spreads offer short-term swing traders opportunities to profit from an up move, a non-directional (sideways) move, or even a modest decline in the price of the stock.