Notes: 5 out of XLF's top 10 holdings announce next week, so this is a way to get a piece of that volatility without getting into single name, with a classic risk one to make one iron fly setup. I've split the shorties across current price, but would look to take profit at 25% max, as you would with a short straddle/iron fly. Naturally, you may have to adjust the strikes, depending on what XLF does early in the week.
For those who like to trade naked, the August 21st 23/24 skinny short strangle was paying 1.90 (.48 at 25% max) as of Friday close.
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