BTC 1 EWZ June 26: 30 short straddle @ $1.91 (originally sold for $1.79)
STO 1 EWZ July 02: 28 straddle @ $1.89
The short straddle is covered by a long EWZ Sep 18: 24 put / 30 call strangle.
This setup appears to be pretty forgiving. One side always expires worthless, so I just buyback the side that is ITM. Let the OTM side expire worthless. Then re-establish a new weekly straddle.
Only problem is that the trade is so boring one starts to lose interest quickly. Long Live Boring!
Options Bistro 