this is a RATIO PUT SPREAD
+1 February 2015 $199 put at $4.73
-2 February 2015 $198 puts at $4.35
max credit: $3.97 ($397)
max potential profit: $497
2/17/2015 (6:30 am, PT)
- buy to close 1 February $198 put at $0.03 to remove the risk
- leave the 198/199 debit spread open for the potential to make more $$
2/20/2015 (expiration)
SPY closed at $211.24, so the 198/199 debit spread expired "worthless"
NET PROFIT: $383.67
Success!
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