Opening: TLT March 18th 2 x 163/151 Back Ratio Spread

NASDAQ:TLT   Ishares 20+ Year Treasury Bond ETF
... for a 23.99 debit.

Comments: Buying 2 x the 75 delta puts and selling the 50 delta put strike in the March expiry on strength here to create a synthetic -100 net delta short position with a 151. 01 break even in 20+ year paper. Will start to look to take profit at 110% of what I put it on for.