Let's clear a one thing up first:

1/ I'm not refuting the facts that you presented or casting aspersions on your integrity or otherwise, and am sorry you think I have. Apologies no ill will ever intended, or inferred.

OK seeing as your adamant about pursuing your example. It's not the price of the 3 winners that's important to a liability Layer, as if he's laying for a $1k liability, he's just lost $3k. The important part is what is the price for the 21 losers, and what will be his return on those? Needs to be at least $152 to break even.

Your example looks pretty good, as they'd have to be priced worse than $7.50 BFSP each for the layer to lose overall. I'm sure they're less than that and your system profitable, however the point I was trying to get across to readers was, that's not always the case (as per my example), and to be cautious to do the calculation using Lay prices for whatever scenario they're considering.