Only for those that own a contract in SPY December 19th put, we added the following 1×2 spread.
Buy to open: SPY Nov 4th (weekly) 670.00 strike put (ratio of 1)
Sell to open: SPY Nov 4th (weekly) 655.00 strike put (ratio of 2)
Debit: 0.42
Likely risk = 0.42 or $42.00 per spread
Max reward = 14.58 or $1,458.00 per spread
Although a max reward is unlikely and only some portion of that is a more reasonable expectation.
Max risk = Below 640.42/share in SPY (although our Dec put will help mitigate that risk)