For this specific case study, the maximum loss is larger tha...
For this specific case study, the maximum loss is larger than the maximum gain. While for this strategy, how much you risk (potential loss) and how much you are expected to earn (potential gain) are determined by the strike price you choose. Hence, the selection of the strike price and spread matters.
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Looks like we are risking -$340 to earn $160. Am I missing something here?