Most of the time, I want to get at least a 1.00 credit ($100 max profit) out of my short strangles, since the vast majority of the time I take them off at 50% max (i.e., I'm looking to make $50/contract on most of my plays).
In this particular case, if I go out to the 1 SD , I won't quite get a $1.00, but if I squeeze the strikes in just a touch, I can eek out that.
So here's the play:
Jan 22 8.5/16 short strangle
Max Profit: $102/contract
BPE: ~ (Undefined/Off Hours)
Generally, I don't like to force these much below 70% POP, but when it's this close, and the underlying's this cheap, I'm willing to take a small risk to deviate from my ordinary setup. Naturally, this may all change by Monday .... .