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Is it that OptionVue does not include the initial credit? If you shift the curves up by the credit it looks more reasonable. Just a thought - never used OptionVue. -jeff EDIT: Never mind, wasn't looking carefully enough.

Your calculation is correct. Phil is computing a net credit of 7.80 but using 270 as the multiplier, when he should use 135. The credit on 270 is not the sum of 5.25 and 2.55, but the average which is 3.90, giving a net credit of -4.70 + 3.90 = -.80