The cheaper the options, the less likely to be profitable. If you don't understand options pricing, I would recommend not trading options. You can easily run this through an options pricing calculator and find your probabilities are quite low. I would guess around 5%
Probabilities are quite low? The straddle went out at 0.24 intrinsic. Is that your head-shot attached to the definition of irony?
The 8.0 straddle never traded anywhere remotely near a price of .26...much more expensive than that... You obviously must be referring to a strangle....
the chance of pinning at zero profit was quite high. you might have gotten lucky and grabbed a 5 or 10 cent per straddle gain IF there was a big move in the name. It is actually profitable to trade these on ex day, but this example was chosen poorly. Not surprised, most of the stuff posted here is poor. Especially by the <30 day member crowd.
Grab a 5 or 10 cent profit? Limit buy at 7.64, limit sell at 8.36. Price touches that and you've locked in your profit.