It seems DIS broke out of a rising wedge into a symmetrical triangle. The indicators look bullish but the news has been just awful for them. Maybe their online revenues are keeping them afloat? Honestly, this can go either way but the ER is close to the apex so i believe that news will trigger at least a 5% move. It looks ripe for a strangle...
@TheCaucasian1, wish you well. might hedge a bit with a 1k put but that's me. lol
Needlez33
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good call!
TheCaucasian1
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Thank you sir!
JosephTran4
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Why a strangle and not a straddle if you don't know direction? Long iron Butterfly perhaps? A strangle works out best when there was high IV but the underlying didn't move at all...
Needlez33
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@JosephTran4, a straddle would work as well. For me when i'm indecisive on the move but sure that there will be a move i purchase otm strangles that break even at least at 2 points. I'm sure there's other strategies that can probably net more but hey profit is profit.
I’m pretty new to options trading but can’t help but agree it looks like this is going to move tomorrow.
I put a 119-114 bear put spread expiry Aug 7, But also bought a $120 Jan 21 Call.
Open to constructive Commentary on the position ...