On 04/30/2019, the price of APPL: 200.67$

  1. sell 190$ put => you got 2.03 * 100
  2. buy 180$ put => you paid 0.61 * 100

after earning call, if the final price is:

  1. = 190$ : then we have capital gain: (2.03-0.61) * 100 = 142$

  2. <= 180$ : then we have capital loss: (190-180+2.03-0.61) * 100 = 858$

  3. >180$ : then we have capital loss between 0$ - 858$

potential ROR: 142 / 1000 = 14.2%

leverage ratio: 1000$ / 200.67$ * 100 = 20.067

ror