For all examples below let’s assume TSLA stock price is currently trading \$660 per share.

• Buy 1 TSLA 700C = -\$8.25
• Sell 2 TSLA 725C = +\$8
• Buy 1 TSLA 750C = -\$2.25
• Total Cost (risk): \$2.5
• Max Gain: (potential) \$22.5 (width of single spread minus total cost)

This trade is profitable if TSLA is between 702.5 (long lower strike + total cost) and 747.5 (long higher strike – total cost) at expiration. This trade will break even if TSLA is exactly 702.5 or 747.5 at expiration. Max loss is realized at expiration if TSLA is below 700 or above 750. Max gain is realized at expiration if TSLA is exactly 725. The closer the stock is to the short strikes at expiration the more profitable the position will be.

• Buy 1 TSLA 650P = -\$18
• Sell 2 TSLA 600P = +\$10
• Buy 1 TSLA 550P = -\$1.5
• Total Cost (risk): \$9.5
• Max Gain: (potential) \$40.5 (width of single spread minus total cost)

This trade is profitable if TSLA is between 640.5 (long higher strike – total cost) and 559.5 (long lower strike + total cost) at expiration. This trade will break even if TSLA is exactly 640.5 or 559.5 at expiration. Max loss is realized at expiration if TSLA is above 650 or below 550. Max gain is realized at expiration if TSLA is exactly 600. The closer the stock is to the short strikes at expiration the more profitable the position will be.