Options on Futures: New Trading Strategies by John F. Summa and Jonathan W. Lubow is a book that specializes in teaching traders how to trade S & P 500 credit spreads. I rate the book number one currently in the advanced futures/commodity options trading category mainly because of its specialization. However, the book does discuss trading ratio spreads, naked puts and calls, and synthetic calls. The commodity contracts used as examples in discussing the previous option trading strategies are the following: soybeans, corn, orange juice, natural gas, and cocoa.
One thing I like about the book is that Summa appears to have a lot of experience trading the options strategies discussed in the book. I like the short chapter on trading the synthetic call (long a futures contract, long a put).
S & P options cost a lot of money. Certainly, when using a credit spread, the credit is more substantial because S & P options are expensive. However, the downside to expensive options is that if the market shoots through your spread at expiration, the loss per point can be large. And the S & P can make large, fast moves.
You could trade the SPY, $OEX, or $SPX credit spreads instead. The SPY has the smallest bid/ask spread of the previous three contracts. The same principles apply as trading S & P credit spreads. Then, if you choose, you could take on more risk and more potential profit by moving up to trade the S & P credit spread. Personally, I like trading SPY options.
In any case, there aren’t many books that have an experienced perspective on trading futures options, much less S & P credit spreads. Options on Futures: New Trading Strategies is a good addition to any options trading library. I have it in mine.