WYNN just had earnings about two weeks ago. Ordinarily, the volatility quickly contracts, but it hasn't in WYNN. With an IVR             of 75 and an IV of 62, I can't pass up this play.

You can naturally go with an iron condor with the same short strike prices, but I'm going with a short strangle here since I have the buying power to do it:

Dec 18th 55/85 short strangle
POP%: 73%
Max Profit: $246
Max Loss/Buying Power Effect: Undefined
BE's: 52.54/87.46
Out of the Dec 18 55/75 short strangle at 50% max.
Rolled the 85 short call down to 75 for an additional .66 credit (same expiry), so now it's a Dec 18th 55/75 short strangle.
An update: I originally got this filled for a 2.32 credit. The 85 call, which was originally worth a 1.33 credit, is now worth only .26. With 30 odd days left until expiry, I am considering rolling down the call side within the same options expiry to lock in current profit for that side ($133 - $26 = $107). For instance, if I roll down to the 75 strike (Dec 18th expiry), I will get an additional .66 credit and effectively convert the strangle to a 55/75 short strangle. Naturally, I don't want to roll it if price is going to whip back up into my short call (price for the underlying has been all over the place since earnings), so I may wait a few days and see how things go after this broad market sell off we've had ... .
Unfortunately, I did not get filled. I will look at it again on Monday; if the IVR/IV's still there, I'll give it another shot.
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