We hold the August 175-170 put spread twice for a 0.05 debit and are also long the 170-175 call spread twice for an effective credit of 0.65 each. We arrived at this position by buying the call spread twice for 1.00 when we already held two August 175 calls. We were able to reshort the August 175 calls later in the day for 1.65, giving us the $5 vertical call spread for a 0.65 CREDIT. We stand to make as much as $1120 in theory if IBM is trading 170 or above at expiration, but no matter where the stock is trading, our minimum theoretical gain would be $990. We’ve worked hard to time the swings for good prices on all of the options we either bought or sold, so no further action will be required.