Neutral trade on KRE (25 delta Strangle)

KRE is a regional bank ETF, after a strong impulsive bull run, it looks like KRE is starting a correction. With a IV rank of 34 is at least decent volatility to try a neutral trade. I sold the 50/56 Strangle (25 delta) and collected $1.33 per contract.

With 64% probability of profit at expiration we need the price to stay between $57.34 and $48.67 which is a little over the expected move of 39 days.

Trade closed: target reached