Sorry Candle, I don't run diagrams on my positions, only tabular-data. This is a synthetic straddle, albeit slightly asymmetric favoring a bear-move, but only marginally. Long stock/short 2 calls = synthetic short straddle. I was short 2x5, thus lowering the effective strike from 130 to 125(approx.)
Those implieds are ridiculous. I'm still toying with a fly, but the spreads remain outrageous. I'll probably revisit it in the last hour.
And they're getting worse, best bet is to sell a straddle(small) and fly it off at a large credit tomorrow
Anyway, sold the May 120//125 strangle in TASR at $28.00 average. Sold the 125 straddle this morning, the 120 this afternoon -- equal numbers. I shut down my analytics, but I believe the vol-line was something approaching 107%. Looking for 90% tomorrow, but a slight increase in stat-vol, with the drop in implieds dominating the action.
I chickened out of the short straddle and legged into a few flys this afternoon, ending up with a pretty cheap 70/80/100/110 condor. Max profit about 5:1 between 80 and 100. So short some deltas here. But no biggie if the thing defies our expectations and gaps to $200 tomorrow as it should be fun to watch regardless.
Oops, sorry! What I meant to say is no biggie if the stock doesn't budge and the implieds shrink to 70%.
Okay, looking good. Implieds are coming in as expected, and given the asymetrical nature of my condor, best case is for the stock to settle at 80, next best at 100, and third best somewhere in between. Unfortunately, there's plenty of time to May expiration, so it may make sense to close out or whittle down the position for significantly less than max profit. Not sure yet.