Sold the 103 Straddle with upside protection buying the 105 call with 46 days to expiration on FXE .
Short 103 Call
Short 103 Put
Long 105 Call
Break Even at 100.75
74% probability of profit
I am buying the the 101 Put and selling 2 of the 99 Puts for every one 101 (1:2 Ratio)
We are basically increasing our risk to the downside, but improving our chances. Now our break even is at 98.79 Giving us a new probability of profit of 83%.