448 would be ideal entry for this. We trade 446 now. Price reflect 446 options.
Underlying stock symbol: SPY
Current price of the underlying stock: $446.67
Long Put Option:
Option: 14th Aug $452 Call
Buy 1 contract x 100 shares
Price per option: $1.00
Total cost: $100
Short Put Option:
Option: 14th Aug $449 Call
Write (Sell) 1 contract x 100 shares
Price per option: $2.12
Total cost: $212
Spread:
Spread price: $1.12 (net credit) [The total cost of the Long Put Option is less than the total credit received from the Short Put Option.]
Stats:
Entry credit: $112.00 net credit
Maximum risk: $188.00 (at SPY $452.00)
Maximum return: $112.00 (at SPY $449.00)
Max return on risk: 59.6% (3106% annualized)
Breakevens at expiry: $450.12