I came up with this yesterday as an unintentional side effect when searching for the 3rd leg, posted in another thread. Here it goes, but first a disclaimer: This doesn't work around earnings and news releases because of the IV crunch. But can be used when a bigger move expected (but unsure of the direction) based on TA or whatever else...So you want to play the possible move for free. 1. Sell a wide Iron Condor 3 months out. Using $5 spreads, you should get 3-4 bucks premium for it. I used 10 contracts for testing. 2. Using that premium, spend 1/6 of that premium (so 60-80 cents) to buy 1 leg 1 month out at closest OTM call and another 1/6 for put. Well, you can use 1/2-1/2 if you are really sure of the move but you can keep more for the next month in case the move didn't happen. 3. Most likely you will end up with less than 10 contracts (could be just 2-3) because they are more expensive closer to the current price, but that is OK, if the move actually happens, you will get a bigger return on those put or call, then the loss on the IC's affected leg. At this point you can close everything and you should have a profit, or you can decide to keep the IC open, but that can result with an eventual loss. 4. If the move didn't happen, after 3-4 weeks you can retry with another 1/6-1/6 put and call buying. With the 1/6 version you have 3 tries, with the 1/4 version 2 tries. Example: TSLA is at $297 after 3 pm on Apr 3rd. You sell 10 contracts 3 months out June 17th IC 285/290/310/315 for 4 bucks. Using let's say 1-1 dollar of that 4 bucks (the 1/4 version) you buy the Apr expiry 290 puts and 305 calls (2 calls because it costs 5.45 ) So you spent 1.1+0.8=1.9 of the 4 bucks received. By Apr 10th TSLA went up to $312, when the position is up $190 and it didn't cost you a dime. You can close everything.... Without buying the inside strangle the position would be at breakeven on Apr 10th. Edit: Something might be fishy with Ameritrade's option backtester, because that profit seemed too large so I had to edit the post. Possibly the strategy is only break evenish and I got fooled by wrong option data. Stay tuned... When I buy the 290P/305C strangle, 3-3 contracts, the position still shows a $300+ profit after 1 week.