Max Profit on Setup: $4/contract
Max Loss on Setup: $196/contract (width of the spread minus credit received)
Break Even on Setup: 19.96
Notes: Taking a small shot on gold weakness here with a net credit, calendarized short put vertical. Naturally, I'm not collecting much credit here on fill, but I'll be looking to roll the short put aspect over time to collect additional credit, and look to manage it for a take profit that's at least one-third the width of the spread.
I took profits on XOP yesterday but I'm still with you on the Qs.