I just opened a short strangle position on the December contract of WTI crude oil.
The details of this trade are as follows:
My previous crude trade is still open, but it’s safe with deltas 0.02 on both legs, so I’m going to let it expire in 2 weeks. This trade is very similar to the previous one.
For the last few weeks, oil has been trading in a nice range. The OVX at 49.25 is still high, so you can still get good premium for selling options. Unfortunately, Thinkorswim seems to be acting up, and I can’t get a clear reading on the implied volatility of CLZ5.