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Calling All Millionaires

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Reverse Big Lizard Setup and Expectation

Calling All Millionaires

Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options.

Liz and Jenny place one of their favorite strategies in SPY, the Reverse "Big Lizard."

This trade starts by selling the ATM straddle and then buying a put. We look to collect more then the width of the put spread to eliminate all risk to the downside. We then look to buy a further OTM call for capital preservation.

This trade carries some short delta but gives us a decent theta.

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