Give up a few cents getting in and a few more getting out, and on any single trade it barely registers. Do it a thousand times in a year and it becomes one of the largest costs in your account, and it never appears as a loss on any statement. Mike Butler also corrects a common misreading. A wide spread does not automatically mean a thin market, because expensive options carry wider quotes regardless of how much trades. And every extra leg widens what you pay, because the market must find a counterparty for each one. Education, not a recommendation. 📊 tastylive: tastylive.com 📰 Get Tom's pre-market analysis every morning: tastylive.com/newsletters 📘 FREE Options Strategy Guide: tinyurl.com/bp9ms763 📱 Follow tastylive on X: x.com/tastyliveshow Chapters 0:00 Layering on the last episode 0:42 The poster child of liquidity 1:39 What slippage actually costs 2:44 Why it matters over time 3:20 A much less liquid example 3:56 Move one strike over ...