BIIB aducanumab decision

#BullPutSpreads – IV much higher than a typical earnings announcement so taking a shot. Playing it to the upside with defined risk selling an ITM bull put spread. If it tanks then the lower the better for starting a covered call program.

Sold BIIB JUN 11 2021 300.0/270.0 Bull Put Spread @ 20.20

Trying to sell 3-4 call spreads above it somewhere to help with basis reduction on an implosion but to still preserve some decent profits to the upside. Sort of an unbalanced iron jade condor lizard 🙂 🙂

EDIT: Went wider on the call spread and sold at the expected move. Max profit window is 300-320 with no upside risk. Basis on an implosion will only be 5.80 above wherever the stock is trading at Friday expiration.

Sold BIIB JUN 11 2021 320.0/340.0 Bear Call Spread @ 4.00