SPY

[OptionGuru]

........ how was the number "456" computed? Is it maybe $440 + $16 commission?

456 is just the strike difference minus credit received: $5.00 - $0.44 = $4.56 $456 max risk

I'm trying to learn and understand these figures by calculating them myself.

What for? They are useless in the real word. It doesn't matter how much lipstick you put on a pig because you still end up with a pig.

These are just plain old OTM Credit Spreads with terrible risk:reward ratios and long exposure to a volatile market. Don't get side tracked by all that probability/expectation crap.

 

[botpro]

456 is just the strike difference minus credit received: $5.00 - $0.44 = $4.56 $456 max risk

What for? They are useless in the real word. It doesn't matter how much lipstick you put on a pig because you still end up with a pig.

These are just plain old OTM Credit Spreads with terrible risk:reward ratios and long exposure to a volatile market. Don't get side tracked by all that probability/expectation crap.

Oh, many thanks! I'm just a hobby maths freak trying to understand all these calculations.
Also many thx for the warnings, I'll take care.