How would this strategy make money, allegedly it is risk free (10 USD loss) with potential 169 USD max profit. I just cannot see it, nor my Schwab entry can show any profit. Clearly this is a bearish trade...with no risk if wait till expiration.
Here's the ORATS payoff picture for that showing you make money with a large down move. https://gyazo.com/b6e88f6ffda3632607cd8edd7ab05a43
Closing Price Example: If price closes at 90 at expiration, you lose ~10 ($1,000). Long 90P x3 are worthless. Short 100P x1 needs to be purchased for 10 ($1,000) or get assigned 100 shares.
$10 is a large loss since the odds for it happening are much higher than the odds of winning big. And back ratios lose value with time (theta) and with volatility drop (post-earnings).
Some of the answers help a lot but options action (CNBC) I believe was dead wrong on the analysis of this trade (their guest recommended it). I put this trade on for grins and closed it as I do not believe GOOGL would crash that big in this short timeframe.