If anyone can help me with this scenario I would greatly appreciate it as I've noticed it happen very often, but couldn't quite put my finger on it. I'm going to use Apple options as an example, but in reality it is the real situation.
Over the last few months Apple has been a perfect day, week and monthly trade for calls and puts. Depending on what I see in price action and sentiment I go long or short, bust mostly a long position with a hedge of some short.
Recently, I've put on a call ratio backspread. While watching the different legs of the trade, I've noticed something that I've noticed before when being short calls. It seems that whenever I'm short a call, when the position moves against me, I seem to lose significantly more then I gain when the position goes in my direction. Why is that? I would suspect it to be the other way because when I'm short I have theta in my favor as well as price movement. Volatility is the same.
Any advice, insight, experience would be greatly appreciated. Every time I think I have something under my belt the market likes to re-educate me.