With the VIX at sub-15 levels, premium selling plays are hard to come by, so I can either resort to low volatility strategies (calendars, diagonals), look to go "long volatility," or search for "diamonds in the ruff" for premium selling. Since I not a rabid low vol strategy player, I'm going to look at seeking out what limited short volatility plays there are or go long volatility, assuming an ideal setup presents itself.
Currently, the sole individual underlying that I would sell premium in and that is not an earnings play is EWZ, since it still has an implied volatility rank of +70. Naturally, there are other underlyings with +70 implied vol rank, but they're just too low in price to get significant premium out of (e.g., PBR, which has a rank of 84). Unfortunately, I already have a play on in EWZ and don't like doubling up on plays just because there's nothing else out there.
However, there are a couple of earnings announcements that are giving me that "come hither" look: NKE, which announces on Tuesday after market close and GME, which announces on Thursday after market. They're not looking especially great right now (each bringing in about a .70 ($70) credit for the 70% probability of profit short strangle setup (I generally like to see a 1.00 ($100) credit out of these), but they're worth keeping an eye on in the event that they get "frisky" right before earnings.
The other thing I have my eyes peeled for is further weakness in the VIX with my "dream" price somewhere around 12. See my VIX post for what I'm looking at to play either VIX, VXX, or UVXY long ... .
Currently, the sole individual underlying that I would sell premium in and that is not an earnings play is EWZ, since it still has an implied volatility rank of +70. Naturally, there are other underlyings with +70 implied vol rank, but they're just too low in price to get significant premium out of (e.g., PBR, which has a rank of 84). Unfortunately, I already have a play on in EWZ and don't like doubling up on plays just because there's nothing else out there.
However, there are a couple of earnings announcements that are giving me that "come hither" look: NKE, which announces on Tuesday after market close and GME, which announces on Thursday after market. They're not looking especially great right now (each bringing in about a .70 ($70) credit for the 70% probability of profit short strangle setup (I generally like to see a 1.00 ($100) credit out of these), but they're worth keeping an eye on in the event that they get "frisky" right before earnings.
The other thing I have my eyes peeled for is further weakness in the VIX with my "dream" price somewhere around 12. See my VIX post for what I'm looking at to play either VIX, VXX, or UVXY long ... .