Sold WYNN OCT 21 2016 100.0 Calls @ 1.30

Still selling weeklies against in the money puts. Similar to a covered call trade. Plan is to roll the puts out and down next week and keep selling the calls.

Position is now Oct monthly 108/100 inverted strangle @ 13.77 credit received.

Let’s say WYNN doesn’t get back to 108 for a year. Selling weeklies @ 1.25 a week for a year would bring breakeven down to about 30 bucks. The power of the weekly! Not bad for margin of 1300 per strangle….