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.
Comment
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Filled for $107 at the open.
Trade closed manually
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Taking this off a little early at 42% max profit (covered for a $61 debit) ... .