ALGN - Put Spread (Example of Weekly Option)

A put spread, or vertical spread, can be used in a volitile market to leverage anticipated stock movement, while also providing limited risk. Purchasing a put with a higher strike price than the written put provides a bearish strategy. This is done on only ONE option contract, how many contacts? or Risk/Reward.

Underlying stock symbol:
ALGN
Current price: $318.54
Short Put: Write (Sell)
1st June $320.00 Call
Price per option: $4.10
Contracts: 1 x 100
Total cost: $410
Long Put: Buy
1st June $322.50 Call
Price per option: $3.18
Contracts: 1 x 100
Total cost: 318
Spread: Net debit/credit: $0.92 (net credit)
Entry cost: $92 (next credit)- back into your account
Maximum risk: $158 at a price of $322.50 at expiry
Maximum return: $92 at a price of $320 at expiry
Breakevens at expirty: $320.90