380k is correct:(I'm just adding on what I understand to be the larger context on this).
Looking up at the top of this page at your screenshot, I see a P/L on open of $19k - $9k, so credit of $10k. That credit is derived from 95 contracts of $40 ($4k backing each) so $380k is at risk. There is no incremental margin needed as there is a same date, same width put spread also being opened (hence we call this an Iron Condor). The risk assessment by the broker (and everybody else) being that if the put spread is experiencing a max loss, then the call spread is experiencing a max gain (and vice versa). The max loss of $380k can only be experienced on one side or the other.
So @Yoona has 95 contracts with the $40 spread size being opened. The call side generated a 3.21 - 1.44 credit, or 1.77 per share, $177 per contract. The call side position has a prob. OTM (1 - Prob ITM) of 95.5%.
Meanwhile she's also opening a put spread with Prob OTM of 79% and a credit of 69.32 - 49.76 = 19.56. Lots more credit but also lots more risk (based on how the market is pricing the positions).
I hazard a guess that most of us would be more worried about an 850 call going ITM than a 670 put going ITM, but the market is pricing the put as 10x as valuable to buy (and thus 10x as valuable for us to sell). This is where we (or at least I) believe that we have an information edge on the market as a whole - we (I) think that the puts are priced too high (good for us) and the calls are priced too low (bad for us, as option sellers). If we're right then that information edge can (is) earning us a lot of income.
Another way to look at this - by going out to 10/21, Yoona has found a position with what I at least consider low risk (put side anyway) that generates over 40% of the money at risk in premium. Collecting 40% of the money at risk each time she opens a position leaves a LOT of room to be wrong, as long as she's moderately aggressive at managing losers and taking early winners. The strikes are so far OTM, this doesn't sound like a stretch.
H'mm... maybe I need to look at this more closely Seems like whenever I dig into the details of what other people are doing, I find myself modifying what I'm doing! (We each make our own decisions, and experience our own consequences).
Thanks Yoona! Again!
All good EXCEPT... the 2 sides weren't opened around the same time; the bps was opened 2 months earlier than the bcs (because i think of bcs as gravy)