456 is just the strike difference minus credit received: $5.00 - $0.44 = $4.56 $456 max risk What for? They are useless in the real word. It doesn't matter how much lipstick you put on a pig because you still end up with a pig. These are just plain old OTM Credit Spreads with terrible risk:reward ratios and long exposure to a volatile market. Don't get side tracked by all that probability/expectation crap.
Oh, many thanks! I'm just a hobby maths freak trying to understand all these calculations. Also many thx for the warnings, I'll take care.