Spiders (SPY) Ratio Put Spread

4/25/2014 (Fri)

+4 June 2014 $178 puts at $1.69
-8 June 2014 $177 puts at $1.52 (probability ITM = 23%)
Net credit:  $1.35


6/11/2014 (Wed)

buy (to close) 4 June 2014 $177 puts at $0.03

Let the 177/178 debit put spread expire on June 20 (unless SPY goes down)

NET PROFIT (as of June 11):  $511.57

Note:  if SPY dips below $178 on June 20, my debit put spread will become profitable.

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