TradeAlert · SPY 50:1 risk/reward for one-day put spread buyer in SPY ETF. Trader on the Amex paid 2c for 100K Wednesday Weekly 291/292 put spreads today, opening a position that expires in just over 24 hours, and could potentially return $9.8M on the $200K premium in the case of a 2% decline tomorrow, to the 291 strike. Such a move is modeled with about a 2.5% probability based on the option delta.