Hello - looking for some advice from members who trade options.
I'm trying to calculate the Return on Risk (ROR) and Return on Capital (ROC) for a bull put spread (credit spread). Would appreciate if someone could check the math and logic and advise is this is correct? Spreadsheet has the calcs and the trade details. Briefly:
ROC = max profit/max loss = 198/1302 = 15.21%

ROR is a little more tricky. I understand these are not physical probabilities and the caveats that go along with that....but leaving that aside for a moment.......just to see if I'm calculating the metrics correctly:

ROR  = Expected Return/max loss. To calculate Expected return, should I be using the POP (Prob of Profit) or the delta of the short strike as proxy for probabilities (ITM and 1-delta for OTM)? Both calcs show a negative ROR......but is this the right way to calculate the metrics. 

How I'm planning to use these: IF the calculations are correct....then my thought was to check both ROC and ROR before placing a trade. Here ROC is positive but ROR is negative......so maybe this isn't the right trade to place. Would appreciate some advice

BTW - I have not found calculations of the ROR for options in any of the trading books I've read so far (not too many); any recommendations on good option trading books are very welcome too.

Thanks!