Hello, How I can replicate using exchange-traded options an expiry range option. an expiry range option is an option that is profitable if at expiry the market settles within the range. This is also done on a limited risk basis..risk limited to the initial debit. Generally if you expect a market will stay within a range you can sell a strangle. However, a strangle creates unlimited risk. The Expiry Range option eliminates the unlimited risk characteristic of the short strangle. My question: How can I replicate an expiry range option using exchange traded options? This question can also be answered by answering the ff two questions (a) how do I fully "hedge" the unlimited risk of the short strangle while still leaving room for reasonable reward or (b) what is a limited risk way to profit if a market is within a pre-defined range at expiration. Thank you.