Currently, TLT IVR (implied rank) is 42. Although it isn't anything to write home about, TLT (or its inverse, TBT ) is one of my bread and butter trades, and I'll put a trade on 25-45 DTE (days until expiry) in any environment where the IVR is greater than 35. Additionally, putting a trade on here is somewhat attractive, since TLT is kind of smack dab in the middle of its range between 115 and 128, which means that price can slop around quite healthily in here prior to expiration.
October 30th Expiry TLT Iron Condor: 113.5 Long Put/116.5 Short Put/127.5 Short Call/130 Long Call
POP (Probability of Profit): 68%
Max Profit/Buying Power Effect (BPE): .65/contract; 2.35 per contract
Delta: 1.26 per contract
October 30th Expiry TLT 116.5 Short Put/127.50 Short Call Short Strangle
Max Profit/BPE: 1.32/contract; undefined
Delta: -2.62 per contract
Notes: Look to take off the entire setup at 50% max profit. Naturally, the credit received may change before Monday's New open ... .