Probability of Profit: 62%
Max Profit: $97/contract
Max Loss: $2303
Break Even: 23.03
* -- Assuming price goes to zero and you do no rolls or take other loss mitigation measures (e.g., sell short call verts against, etc.).
Notes: With background implied greater than 35% and with the recent sell-off in both oil and the broad market, I'm getting into this underlying at a price extreme, but will work it a little differently than I ordinary do. Here, the goal will be to reduce cost basis over time, with each roll taken being for a credit .... .