With this combo, you will
1: Have QQQ assigned to you at 455 if market keeps dropping from here towards mid of April, which is 20 points lower than where QQQ is now
2: Make 20 point profit if QQQ rally to or above 495 by mid April.
3: If market drops very quickly first, say to 450, you could potentially close the 495 call with very little cost, and when market rally back later in April, your 475 call has unlimited profit potential
4: Similarily, if market rally very fast first, you can close the call spread with a profit, let's say 12 out of 20 points here, and that profit will help you even more if market then crash back because you will now be assigned at 455-12=433 QQQ.
Vast majority of option combo i have been buying in last couple of days on QQQ is using this strategy.
