XOP SHORT STRANGLE IDEA

With an implied volatility rank of 76 and an implied volatility of 56, an XOP short strangle is a good premium selling play here, with the standard 45 day setup yielding about 1.00 in credit for only $275 or so worth of buying power.

Here's the setup:

Feb 19th 23/32 short strangle
Probability of Profit: 71%
Max Profit: $97
Buying Power Effect: ~$275
Break Evens: 22.03/32.97

Naturally, things may change come Monday open, so be prepared to tweak your strikes and/or fill price ... .