LRCX @ $376
BTO 1 x LRCX Aug 21: $375 /$370 long PUT Vertical @ $ 2.60 debit
STO 2 x LRCX Aug 21: $360 / $355 short PUT Vertical @ $1.27 credit (x 2)
Total debit of $0.05 for the unbalanced Condor. Downside breakeven is around $358. No risk to the upside (just the $0.05 cost of the trade).
If LRCX starts imploding then throw on a long PUT diagonal (e.g. -1 Aug 21 $355 / +1 Aug 28 $355) at around $2, which drops the downside breakeven to $346.
Risk/Reward extremely enticing.
Options Bistro 