Earlier today; I executed a short 240/350 (orange lines) Sep 21 strangle in TSLA
(at that time the IV rank was sitting in the high 90s) for a credit of 13.37 making my breakeven levels at expiration 226.63 and 363.37. I am looking to managing this trade at a 50% max gain; and will consider taking it down much sooner if IV doesn't begin to fade over a week or so. Given that fear tends to be overstated; I think that there is a higher probability that realized volatility
in the underlying will begin to fade more so than what the market has priced in to the options chain due to rumors that the Saudi fund is looking at a cheaper TSLA
competitor known as Lucid (deals take time regardless), no more funding tweets, and lawsuits & investigations take time. I will be keeping a close eye on this one with my mobile TW app ready.