Probability of Profit: 57%
Max Profit: $62/contract
Max Loss: $139/contract
Break Evens: 40.39/48.61
May 18th 41/48 short strangle, 1.30/contract at the mid; break evens at 39.70/49.30.
May 18th 38/41/48/51 iron condor; .75/contract at the mid; break evens at 40.25/48.75.
Notes: With background implied remaining fairly high (33.4%), I'm going small with this defined risk setup in the kid's small account, but using the short strangle variant in mine. Looking to take profit on both the iron condor and the short strangle at 50% max.