Thanks for sharing such great information.  Even though I am not quite sure how it works for the limited loss, I think it should work the same way as if you would have longed a call option.  Therefore, when the underlying market price is above the strike price, you may exercise the option to make a profit (hopefully big enough to offset the premium you paid for the option).  If the option is OTM (out-of-the-money), the maximum loss is the premium you paid at the front-end.