Question about how to calculate the ROI on a typical bull put credit spread and bear call credit spread

Question:  I see that the monthlycashthruoptions autotrade service opened up the SPY 139/141 bull put spread for 12 cents credit and the MNX 257.5/262.5 bull put spread for a credit of 30 cents. You stated that each had a potential ROI of 6.3%.  How do you calculate these ROIs?  I’m with eOption and I do see that my MNX spread was filled at .26/.56 and the SPY was filled at .18/.30.

Answer: The ROI calculation goes as follows:

MNX; 5 point wide spread;  $500 of maintenance held by the broker per spread; we brought in 30 cents credit, or $30 per spread; risk capital is $470 per spread; potential ROI is 30/470 = 6.3%

SPY; 2 point wide spread; $200 of maintenance held by the broker per spread; we brought in 12 cents credit, or $12 per spread; risk capital is $188 per spread; potential ROI is 12/188 = 6.3%

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