Here's the collection of basic charts, again:

and the problem we posed in Part 3:

The slopes of the gains chart are (left to right): 0 then -1 then +1 then -1 then +1 then 0 and, more importantly, the five changes in slope (starting at the first break) are: -1 then +2 then -2 then +2 then -1 and that identifies the buying and writing (uncovered) or, in our other language, the writing (naked) (Why do I hate that language?) or selling (short).

Here's the real, live list of call options again. Note that we need five (count 'em) five calls (according to the gains chart, above, 'cause there are five bends, eh?) and (surprise!) there are exactly five in the options list below.
The sequence is: S(-1) B(2) S(-2) B(2) S(-1)

We will sell an oct 40 That'll bring in $6.625 buy TWO oct 45s That'll cost us 2($2.125) = $4.25 sell TWO oct 50s That'll bring in 2($.25) = $.50 buy TWO oct 55s That'll cost us 2($.0625) = $.125 sell an oct 60 That'll bring in $.0625

The total outlay of monies? It's $6.625 - $4.25 + $.50 - $.125 + $.0625 = $2.8125 times 100 (the contract, ya know), and that makes $281.25, so it ain't cost us anything ... yet!
But can we make any money?
If so, under what circumstances ... and how much ... and what's the downside risk ... and can we retire on our winnings?