Max Profit on Setup: 1.38/contract
Max Loss/Buying Power Effect on Setup: 2.62/contract
Notes: I've done a few of these before. The way I look at them is that they offer the flexibility of a naked, while keeping your risk defined. An additional small benefit is that you don't have to leg in and out of the longs if you want to reuse them, saving a smidge in fees, assuming that you don't have to adjust the long strangle aspect too much to keep your risk where you want it. Will look to take profit on the short straddle at 25% and then reuse the long strangle ... .