GLD – Bull Put Spread

Click here for reference PL graph, price chart.
Bullish stance, played via a bull put spread.
Short 10 July 11 147 puts
Long 10 July 11 146 puts
Credit = $310
Max Loss = $690
BE @ 146.68
Would look to close the trade if I can buy back the vertical for around $150. Assuming $80 in round trip commissions , would give a return of …
(310-150-80)/690 =~ 11.5%
Note: You can increase/decrease the contracts traded based on your risk tolerance.
The trade would gain with an increase in price of GLD and with the passing of time (the latter due to being +ve Theta)
The trade would lose with an increase in IV (-ve Vega)