We hold the Sep 84 (DAVIF) -May 84 calendar spread four times for 3.45 and a September 76 put purchased for 1.49 on the opening last Thursday.  Our maximum theoretical gain would come with the underlying stock trading around $84 when the May calls that we are short expire on May 15. The theoretical gain for the position would be about $779, based on a 5.77 price for the September calls, a price of zero for the May calls, and a price of zero for the May 76 put.  If you work the numbers, you’ll see that this position yields a theoretical profit over a very wide range of prices. I’ve included a snapshot of an option calculator that shows how I estimated the value of the September 84 calls as of May 15 with the underlying trading for $84.