Thanks for your comments. I am trying to understand. I will get about $0.85 credit by selling PUT 32.5 and Call 35 and I will get 3.35 credit by selling Call 32.5 and PUT 35. Are $2 and $4.5 credits received from two versions of the trade? It should be 0.85 and $3.35 right? And you saying when you get $3.35 the risk is higher? I don't disagree with you,I just want to think about it and understand.
My example is hypothetical. I didn't look at the actual prices. The risk of short assignment is higher on the $3250c/$3500p, but not much of an issue. The point is simply that they're identical in all respects, save for the assigment risk. Sell the otm strangle. $3.35 - $2.50 [strike differential] = $.85; reflects the extrinsic value of both strangles.
You guys do know that there really is no winner when you are racing in the special olympics right? This thread has all the makings of a Jerry Lewis telethon. Laaaaaaaaady! Just kidding arb. Trying to teach synthetics to Hajimow is like trying to explain to Jessica Simpson what Chicken of the Seas is. Bwahahahaha.