Have a question, I know this is a conservative play. Call debit spread 1400/1500 for Jan 2024 is about $2300 now. If the SP crosses about 1550 then each spread contract would be worth $10000, right? That's about a 300% gain. Is there something I am missing?
Looks right to me.
Compare that with holding shares, which would be a 50% gain if the share price ended up at 1550. But if SP ended up at 4000 it would match the 300% gain, without the risk of going to zero.