OPENING: XOP NOV 15TH 16/SEPT 20TH 22 LONG CALL DIAGONAL
Max Profit: $111/contract
Max Loss: $489/contract
Break Even: 20.89
Debit Paid to Spread With Ratio: 81.5%
Notes: Going long XOP at long-term lows with a 90/50 long call diagonal (i.e., 90 delta for the long call/50 for the short). Going a little more aggressive with the short call than I usually would to get a little more room to the downside. Shooting for 50% max.