Emini S&P 1306.75 Sell 1 Oct 1350 call for (+7.00) Sell 1 Oct Put 1270 for (+8.50) Collected +15.50 points as premium. Since this position is naked, we are running unlimited risk. Protection 1) Enter a Good Till Cancel Buy stop for the Futures at 1350 (protection for naked call) Immediately once the buy stop is trigger, buy a 1340 put (the +15.5 points premium will left with a +5.5 points considering the move from 1350 - 1340 is 10 points) so that will be the max loss. This position will be loss for whatever the premium is. 2) Enter a Good Till Cancel Sell Stop for the Futures at 1270 (protection for naked Put) Immediately once the sell stop is trigger, buy a 1260 call (the +15.5 points premium will left with a +5.5 points considering the move from 1270 - 1260 is 10 points) so that will be the max loss. This position will be loss for whatever the premium is. 1 problem arise Market GAP, Futures trade almost 24 hours so market doesnt gap much except unless it is weekend. Nothing much can be done Advantages Collect maximum premium. Able to close position at any time it is within range since time decay is in our favor Disadvantages Naked Put and Naked Call. Profit Limited. Risk Unlimited. Weekend market gap. Any Comments??? I personally feel this is a better strategy than iron condor but of course the risk has increase also.