QuantitativeExhaustion

Turning Point, Delta Neutral Strip Strangle

AMEX:SPY   SPDR S&P 500 ETF
566 2 10
Uncertain? Try a Strip Strangle. I also have moved the PUT buying further out to the end of the month, because a bullish move would come before the volatile bearish move.

Right now PUT options are expensive compared to Calls, most likely pricing volatility ahead of the "Fiscal Cliff" deadline. One way to neutralize a strangle position is to perform a strip strangle.

The Strip strangle, also known simply as a Strip, is a long strangle which buys more put options than call options and has a bearish inclination. As a Volatile Options Strategy, Strip strangles are useful when the direction of a breakout is uncertain but is inclined to downside. Strip strangles can also be used to balance strangles into delta neutral positions. Strip strangles make a higher profit than a regular strangle when the underlying stock breaks downwards but will make a lesser profit than a regular strangle when the underlying stock breaks downwards.

http://www.optiontradingpedia.com/strip_strangle.htm
Sorry, chart did not really publish the way I had it drawn. Green Circle was the turning point and where someone might be inclined to use a Strip Strangle.
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Selling Puts @~142 https://www.tradingview.com/e/Uhi446Dn/?symbol=SPY.. adding to my Calls https://www.tradingview.com/e/Uhi446Dn/?symbol=SPY
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