IV isn't extremely high, but has spiked up a bit in Utilities, so I'm looking at placing a strangle here.
-1 Sept21 50/54 strangle for $1.14 cr . I will likely manage this position at 50% and we'll deal with specific loss mgmts when we get there.
After today's candle, I wanted to get a bit more bullish on XLU. I rolled the $50 put up to $52 for add'l $.51 cr. The overall credit is $1.65 now and new pay off diagram looks like this:
Price is breaking out, so I wanted to get a bit more bullish deltas back in. Rolled up the $52 put to $54 for $.92 cr.
New payoff diagram looks like this:
Trade closed manually:
Closing this trade today on it's large up move, $1.95 db. $63 winner/contract.