I putting this play on, with slightly modified strikes as noted in additions to the post below ... .
Some stuff hits my high IVR/high IV radar over and over again. WYNN is one of those, with an IVR currently at 100 and an IV at 81. Some caution is in order, though, since ordinarily I like going 45 days out and WYNN's earnings are due to be announced on 2/2, so I want any setup to expire somewhat before that so I don't get caught in a volatility expansion (that...
And, before you research this underlying, the answer is, "No, it is not the bordering-on-porn men's magazine, Maxim"; it's an integrated circuit company. This is another longer-term play I'm looking to work to bridge the gap between now and the beginning of next earnings season. In any event, MXIM post-earnings IVR/IV is currently at 91/38. Standard short...
Now that I'm out of my P 12/12 short straddle for a small profit, I'm almost immediately looking at it again, since it popped up on my screener based on its high IVR (currently 74, 104 for its IV). Most of the time, I want to get at least a 1.00 credit ($100 max profit) out of my short strangles, since the vast majority of the time I take them off at 50% max...
Primary Target (short term): Bullish Pennant, awaiting confirmation (85%) PT = 29.01$ Secondary Target (Long term): None PT = None
Primary Target (short term): Ascending Triangle, awaiting confirmation (71%) PT = 1.37 Secondary Target (Long term): None PT = None
Primary Target (short term): Bullish Flag (87%) PT = 14.44$ Secondary Target (Long term): None PT = None
Primary Target (short term): Bullish Pennant (33%) PT = 41.90$ Secondary Target (Long term): None PT = None
Primary Target (short term): Ascending Triangle, confirmed (89%) PT = 176.222$ Secondary Target (Long term): None PT = None
Primary Target (short term): Bullish Pennant (142%) PT = 132.19$ Secondary Target (Long term): None PT = None
Primary Target (short term): Bullish Pennant (61%) PT = 0.605$ Secondary Target (Long term): None PT = None
Primary Target (short term): Ascending Triangle, confirmed (61%) PT = 6.88$ Secondary Target (Long term): None PT = None
Primary Target (short term): Bullish Pennant (56%) PT = 0.595$ Secondary Target (Long term): None PT = None
Primary Target (short term): Bullish Flag (100%) PT = 0.56$ Secondary Target (Long term): None PT = None
Primary Target (short term): Bullish Pennant, confirmed (69%) PT = 46.97$ Secondary Target (Long term): None PT = None
Primary Target (short term): Bullish Pennant (88%) PT = 259453$ Secondary Target (Long term): None PT = None
Primary Target (short term): Bullish Pennant (105%) PT = 7643.90$ Secondary Target (Long term): None PT = None