The Jade Lizard is a strategy developed by Liz and Jenny at tastytrade that combines the best of two strategies. It's ideal for neutral price movements and high IVR, along with some cushy upside protection.
A reverse jade lizard is set up as a short put spread and a short call which would be used for similar purposes with the directional assumption flipped, but beware of put skew when employing the reverse jade lizard.
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