At Expiration Spot Yen on Oct 14th was 105.33
The 105 Yen call expired out-of-the-money
We paid 102 tics to buy back the two month 105 Short yen call
Net loss in JPY tics was 51- 102 = 51 Yen tics
In this case we have to assume the worse case scenario was the spot expiring at 105 even. In which case the cost of buying back the two month 105 would have been closer to 118 tics. So the loss in terms of Capital-at-Risk in this case is 51/118 = 43%
