The natural alternative to the BP intensive short strangle is an IC . A 108/112/123/127 IC , Aug 28 expiry currently will get you a 1.22 credit (BE's at 110.78 and 124.22). Unfortunately, there are no put strikes currently available below 108, so the puts have to be slightly skewed to the upside ... .
As of right now, I regard this as a neutral play in the short term. However, if we move more into a risk-off environment, it will quickly turn to the downside ... .