This Chart illustrates a hypothetical "hold-to-expiration" scenario. Please be aware that real-world results can vary significantly. Factors such as shifts in implied volatility, dividend schedules, and the risk of early assignment can lead to losses that exceed these estimates.

These calculations are for educational purposes and do not constitute financial advice or a guarantee of performance. Our model does not account for commissions, taxes, or the specific risks of maintaining spread integrity. Market conditions are dynamic, and actual P&L may differ based on execution and timing.