How is profit calculated?

European call spread option:

The expected return upon exercise if the settlement price is between the low strike price and the high strike price = order volume * (settlement price - low strike price). If the settlement price is greater than the high strike price, the expected return upon exercise = order volume * (high strike price - low strike price). The option generates no return if the settlement price is less than or equal to the low strike price. If the option is closed before expiration, option return = quoted market offer.

On January 15, 2022, Jack purchased the following product:

On January 30, 2022 (the expiration date), if the settlement price is 48000 USDT (less than or equal to the low strike price), the option has no return. If the settlement price is 52,500 USDT (greater than the low strike price and less than or equal to the high strike price), the option return = 0.5 * (52,500 - 50,000) = 1250 USDT. 

Option return = order volume * (settlement price - low strike price)

If the settlement price is 58,000 USDT (greater than the high strike price), the option return = 0.5 * (55000 - 50000) = 2500 USDT

Option return = order volume * (high strike price - low strike price)

On January 29, 2022 (a day before expiration), Jack chooses to close the option. The market offer for the option is 1200 USDT, the option return = 1200 USDT.

European put spread option:

The option has no return if the settlement price is greater than or equal to the high strike price. If the settlement price is less than the high strike price and greater than or equal to the low strike price, the option return = order volume * (high strike price - settlement price). If the settlement price is less than the low strike price, the option return = order volume * (high strike price - low strike price). If the option is closed before expiration, option return = quoted market offer.

On January 30, 2022 (the expiration date), if the settlement price is 58000 USDT (greater than or equal to the high strike price), the option has no return. If the settlement price is 52,500 USDT (less than the high strike price and greater than or equal to the low strike price), the option return = 0.5 * (55000 - 52500) = 1250 USDT.

Option return = order volume * (high strike price - settlement price)

 If the settlement price is 48000 USDT (less than the low strike price), the option return = 0.5 * (55000 - 50000) = 2500 USDT.

Option return = order volume * (high strike price - low strike price)

On January 29, 2022 (a day before expiration), Jack chooses to close the option. The market offer for the option is 800 USDT, and the option return = 800 USDT.