No risk to the upside trade on OIH (Big Lizard)

After a couple of down days in oil OIH have been affected. Now with an Implied Volatility rank of 27 it gives us a chance to sell some premium.
A big lizard (Straddle with no upside risk) is a nice probability trade to do in case it decides to bounce back up.


Trade price $1.24 per contract

The trade:
Sellthe Jul21 24.5 Call
Sell the Jul21 24.5 Put
Buy the Jul21 25.5 Call

Break even is 23.26
Probability of profit 70%

İşlem kapandı: hedefe ulaştı