NaughtyPines

TRADE IDEA: XME JUNE 24TH 19/23.5 SHORT STRANGLE

AMEX:XME   SPDR S&P METALS AND MINING ETF
6 months ago
Following the premium. With a nearly 70% implied volatility rank and an implied volatility slightly north of 50%, I'm going nondirectional here (what's new) with this short strangle.

Metrics:

Probability of Profit: 65%
P50: 78%
Max Profit: $107/contract
Max Loss/Buying Power Effect: Undefined/~$250/contract
Theta: 2.55/contract
Delta: -7.55/contract

Notes: I'll shoot for taking this off at 50% max profit ... . Premium selling opportunities in underlyings with >70 implied volatility rank and >50 implied volatility are still thin in this market. My choices were XME             , GDX             , and GDXJ             . I already have a couple of short strangles I layered on in GDX             , so XME             it is.
6 months ago
Comment: Filled for $107 at the open.
6 months ago
Trade closed manually: Taking this off a little early at 42% max profit (covered for a $61 debit) ... .
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