Options

Buying outright calls (and puts) are great as long as you understand that the time value and volatility are baked into the price of the call. That underlying needs to move in your direction or you lose. Even if you are ITM which is ok sometimes compared to the price of owning the underlying. To each his own. Every trader is different. Yeah I agree there is less reward in spreads but you can play more (underlyings that is) for less and have less money on the line.
Rick Hadlock wrote: The most efficient (i.e., profitable) trade is an Option. Naturally, picking direction is critical to success. Covered Calls (or any other multi-position options) reduce your yield. So, if you are making a directional bet with a CC, why not just buy the Call outright? Your profit potential will be much higher. Rick