A trader creates a bear spread using put options with strike prices of USD 25 and USD 30 and the same time to maturity. The options cost USD 2 and USD 4.50 (respectively). Under what circumstances will the trade be profitable?

NO.PZ2020021203000094 问题如下 A trar creates a bespreusing put options with strike prices of US25 anUS30 anthe same time to maturity. The options cost US2 anUS4.50 (respectively). Unr whcircumstances will the tra profitable? It costs US2.50 to set up the besprea If the asset priis between US27 .50 anUS30, the payoff from the sprewill less thUS2.50. If it is less thUS27.50, the payoff will between US2.50 anUS5. Thus, the tra will profitable if the priof the asset maturity is less thUS27.50. 助教你好，我按照李老师的方法写出以下东西，得出mgain是2.5，breakeven point是27.5，mloss是-2.5。既然mgain是2.5，为什么解析这句【If it is less thUS27.50, the payoff will between US2.50 anUS5】会有5?若他这话成立，那mgain应该是5才对呀，但这就跟式子推出来的不一致了。到底是哪儿错了？谢谢。

NO.PZ2020021203000094 问题如下 A trar creates a bespreusing put options with strike prices of US25 anUS30 anthe same time to maturity. The options cost US2 anUS4.50 (respectively). Unr whcircumstances will the tra profitable? It costs US2.50 to set up the besprea If the asset priis between US27 .50 anUS30, the payoff from the sprewill less thUS2.50. If it is less thUS27.50, the payoff will between US2.50 anUS5. Thus, the tra will profitable if the priof the asset maturity is less thUS27.50.