Leaderboard

They refer to the opening prices of the lots you closed. Looks like you paid $0.885684 ($3.307814 - $2.422113) for the 95/93 put spread and then closed it out for $1.65 ($8.55 - $6.90). I'm not sure why you closed it for $1.65 since it was trading for $1.90+ at that time - I closed mine at 09:40 and got an average price of $1.927 (but I'm betting you put in the wrong sign and got the market price instead of what you could have gotten - I've done that before). Nonetheless, the 95/93 put spread is one half of the entire RIC. The other half, the 103/105 call spread will likely expire worthless, so you have to look at the price you paid for the entire trade and compare that to the amount you received for closing one side to know your gain on the entire trade. In this case, if you paid $1.50 for the whole RIC like Kim did, you're looking at a $0.15 gain, or 10% before commissions. (But the shorter answer is yes, you made $224.10 on that half of the RIC, but you have to subtract whatever you paid for the other half of the RIC to get your profit on the whole trade)

I made some changes to the original post. The prices are examples only, it also depends on IV - for example, straddle on high IV $100 stock might be still too expensive for small portfolios (if you want to keep 10% allocation) and strangle might be more appropriate. Since we are running 10k model portfolio, I'm trying to set trades that don't exceed $1,000 (or slightly more). So selecting between straddle or strangle will also be impacted by your portfolio size and risk tolerance, with strangle being the most aggressive trade out of the three.