A true jade lizard should have no upside risk. Could not do that with my WDC because I was at the top of the chain and the strikes were 2.5 wide. However, a good alternative to strangles in an IRA or non marginable account. You sell a put that is cash secured, then sell a call credit spread. If the credit exceeds the strike difference you have a strangle with no upside risk.

Another option with covered calls if you think the price will keep going up, sell a call credit spread. That way you cleect some credit but if the market takes off you can get a nice pop in your equity because you are net long call options.

Just random musings but I am sure some of you have tried these with good results. Jade lizards seem to be good for earnings. Manage them at 50% profit just like strangles.