Hi Alohamart I'm a new member and thus have only 1 post remaining. Would you agree that if they bought and sold equal numbers of the strikes, then what I posted is correct? If so, then you can deal with the excess 45 puts bought separately as a simple put option transaction and as you say this is a bearish transaction and the profit/loss potential is the same as any long put. In essence you have two separate transactions ( a long put and a bull put spread ). Also it is not clear that they bought excess puts in that the 8000 puts may have been a totally separate transaction. I will respond tomorrow if required.
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