... for a 1.66/contract credit (33% of the width of the wings) on post-earnings high implied volatility (38.3%).
Metrics:
Probability of Profit: 60% Max Profit: 166/contract Max Loss: 334/contract Break Evens: 303.34/366.66 Theta: 3.31 Delta: -.99
Notes: Will look to take profit at 50% max.
Trade closed manually
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Opting to cover here for a 1.62/contract debit (a scratch out, basically), so I can be flat May (still have an XOP setup I need to address). Additionally, I just didn't like post-earnings price action, particularly in connection with the news about the company issuing 1.5B of junk bonds ... .