I am interested in finding an expiration period, and a strike that would lead to the maximum Reward/Risk Ratio for a put option under the following conditions: Initial stock price 620, the holding period is 16 days, target price 541, volty 40, no carry cost. At end of day 16, the assumption is that the stock would be either at 620 (current price) or at 541. Is there a formula to compute the time(s) (in days) and the strike price(s) maximizing the Reward/Risk ratio under the above conditions? I could make an excel table, and run it for a matrix of strikes and expiration dates, but if someone has the answer and/or the table, could you please share the result and/or the table. Thanks.