AMEX:XLU   SPDR SELECT SECTOR FUND - UTILITIES
XLU             have a 86% IV Percentile, which means that 86% of the days over the past year the Implied Volatity was below this level.

Custom Put Ratio's
Buy +1 NOV 48 PUT
Sell-2 NOV 47 PUT
BUY +1 NOV 46 PUT
SELL-2 NOV 45 PUT

This will give us a max profit of $171 with a 77% chance of making money. And we only lose if the price goes below $44.64. Since we are adding risk to have better probabilities, if we get assign we would have to buy 200 shares, but it would be 5% below of where we are right now, and since we already have had a 12% down move we can expect a correction soon and we would be able to sell even more premium if we need to.
Trade closed: target reached: Close trade for profit
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