Looking for something different and saw these two trades on TT. Plays on fading the energy sector.
Broken wing butterfly with XLE and sort of a broken wing iron condor with XOP.
I’m modifying the XOP iron condor for 42/40/40/39 for Nov expiration. This places the breakeven point above the 52-week high for XOP. Sold for 1.20 credit. Max possible loss is 0.80.
The XLE broken wing is interesting, but I’m gonna pass on that one.