OPENING: NFLX MAY 18TH 300/305/365/370 IRON CONDOR

... for a 1.66/contract credit (33% of the width of the wings) on post-earnings high implied volatility (38.3%).

Metrics:

Probability of Profit: 60%
Max Profit: $166/contract
Max Loss: $334/contract
Break Evens: 303.34/366.66
Theta: 3.31
Delta: -.99

Notes: Will look to take profit at 50% max.

Trade fermée manuellement:

Opting to cover here for a 1.62/contract debit (a scratch out, basically), so I can be flat May (still have an XOP setup I need to address). Additionally, I just didn't like post-earnings price action, particularly in connection with the news about the company issuing $1.5B of junk bonds ... .