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My calculation was based on the price at Aug expiration. We don't know how we get there so obviously if at some point between now and August expiration SPY is lower than 180, then the gains will be higher. You can also do Sep options, but we don't know what the IV will be on Aug 21, hard to calculate the value of Sep options. The percentage gain is simply the price at August expiration divided by the current price. No different from calculating gains on stocks.

You could simply look at option that provides the best percentage gain. For example, looking at current prices for Aug21 puts: 280 put is 19.50, will be 100 250 put is 10.50, will be 70 220 put is 5.20, will be 50 210 put is 3.90, will be 30 200 put is 2.90, will be 20 190 put is 2.17, will be 10 Looks like 200-220 range offers the best percentage return.