### Comment:
**Each option contract = 100 shares** 
  
 max loss per box is spread minus the return he got from the calls exercising which was 0.75 per box) = 15-10-0.75=4.25 
  
 each box is 100 shares, and he has 500 boxes 
  
 ergo max total loss is 4.25\*500\*100 = 212,500

### REPLY:
&gt; Each option contract = 100 shares 
  
 Ah, sometimes it is that simple.  Thanks. 


### END.