With the yen at multi-year lows, looking to take a bullish assumption directional shot with plenty of time to work out in the Yen proxy, FXY.
The basic setup is to buy 2 x the 75 delta strikes and sell the 50's, resulting in a ~100 net delta long setup with a hypothetically infinite maximum profit.
Currently, the setup is pricing out at 9.90 with a 71.95 break...
Pictured here is a bullish assumption diagonalized call ratio spread with two times the number of long calls at the 90 delta strike in October as the number of calls in the front month with a 4.45 break even versus 4.47 spot. As of Friday close, it's priced at a 4.89 debit and had delta/theta metrics of 134.84/.45.
I generally visualize this setup in two,...
