Here’s a trade I just executed very similar to CHWY. Uses call skew for bullish play, financed by a short put, no upside risk, downside BE is about $362.60, right at expected move. Traded small for assignment. On these trades the T1 line can rise above the max P/L line, if the stock price is close to, but below, the call fly. So on a down move it’s important to be nimble for an advantageous close.
Dec 11 Expiration
Call Skew Fly: 2/3/1 372.5/375/377.5 for 1.43 debit
Short Put: 362.5 $1.24 cr