... for a 2.85 ($285)/contract credit.
This will complete an Aug 26th 10/35 short strangle worth 4.15 in credit ($415)/contract, which I'll shoot to take off at 50% max profit.
Because I already had the 10 short put on, this doesn't cost me any additional buying power. This will also give me some protection to the short side, since I think that this is more likely to implode than explode. Naturally, I hope to be out before any of that "splosion" occurs.
This will complete an Aug 26th 10/35 short strangle worth 4.15 in credit ($415)/contract, which I'll shoot to take off at 50% max profit.
Because I already had the 10 short put on, this doesn't cost me any additional buying power. This will also give me some protection to the short side, since I think that this is more likely to implode than explode. Naturally, I hope to be out before any of that "splosion" occurs.
Trade closed manually:
And ... out my last setup in this "wicked illiquid" underlying. Out for a 3.13 debit, so $99 net profit per contract (4.15 credit - 3.13 debit - fees/comms).