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Part Two - Learning the Lizards: The Big

From Theory To Practice

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Our series on the different lizards that we like to use as part of our trading arsenal marches on, and today, we tackle the Big Lizard. In its general structure, it is no different from the classic Jade Lizard: a Short OTM Put and a Short OTM Call Spread. However, both short legs are ATM, so it effectively becomes a Short Straddle and a Long OTM Call. With this subtle shift, James joins the conversation to remind us that while both Jade Lizards and Big Lizards are neutral, their differences are similar to those of a Strangle and Straddle.

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