Call Debit Spread Pricing

Question

I bought an AAPL debit spread today with expiration on 8/7. Here the details:
Exp. 8/7
Sold      AAPL $365 Call for $32.85
Bought    AAPL $360 Call for $36.40
Max Profit = [(365 - 360) * 100] - 400 = $100
Max Loss = $400 (the premium paid)

So, if by expiration AAPL stays above $365 I'm making the max profit. (correct me if I'm wrong)
However, when following the contract value with my brokerage firm, I noticed that at the end of today, the contract had decreased by $45 and the price of the stock went up. Can someone explain what that happened?

Bob Baerker · Answer

Based on the quotes you provided, the fill would be for a credit of $3.55.  For a debit spread, the maximum, profit would be the difference in strikes less the premium received or $145.
I can't answer your question about the $45 decrease because you didn't provide the quotes of the respective legs as well as if this was a real time valuation based on the respective bid and ask prices or a closing valuation.  A closing valuation is usually worthless because B/A spreads widen and brokers tend to value the spread at the midpoint of each leg.
To further complicate this, your supposed fill prices were at the exact midpoint of the closing prices so I suspect that something's awry here.

Call Debit Spread Pricing

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