For me, I'm kind of on the fence as to whether go short strangle or iron condor. This is why:
Dec 18 145/185 short strangle
Max Profit: $170/contract
Dec 18 135/145/185/190 iron condor
Max Profit: $125/contract
As you can see, the short strangle eats up quite a bit of buying power as compared to the iron condor. On the other hand, the IC has lower profit potential and is a bit more cumbersome to manage in the event a roll is required. Since I've got the BP available (and then some), I'm going to go with the short strangle, but go a little wider than usual so that I don't get caught with another problem setup going into "earnings break." I'm probably being overly cautious here, because as you can see from past , ULTA just doesn't move much in response to ... .
The other reason I'm willing to devote the BP here is that we don't have many plays left on the calendar and some of my longer-term setups that were intended to bridge the gap between this season and the next are getting fairly close to 50% max profit, at which time I will take them off ... .