📑 Contracts
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Sell to Open 1× $210 Put (Bid $2.14, Ask $2.45)
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Buy to Open 1× $205 Put (Bid $1.11, Ask $1.30)
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Sell to Open 1× $220 Call (Bid $2.01, Ask $2.46)
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Buy to Open 1× $225 Call (Bid $0.86, Ask $1.08)
💰 Financials
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Net Credit: $1.77/share ($177 per lot)
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Max Profit: $177 (credit received)
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Max Loss: $323 [(width $5 − credit $1.77) × 100]
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Break-Evens: $208.23 and $221.77
🎯 Thesis
Neutral on $TXN into 2026-04-17 expiration. Stock at $214.98 looks range-bound after a sharp run-up. High IV (92% percentile) offers rich premiums—ideal to sell volatility with defined risk.
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Risk Mgmt: Exit at 50–65% max profit ($90-$115) or roll tested strikes if breached near DTE.
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Plan: Monetize positive Theta and IV contraction while defending wings if price moves past $210 or $220.
⚠️ Disclaimer: This is not financial advice. Options trading involves risk and may result in significant capital loss. Past performance does not guarantee future results. Always consult a financial advisor before trading.
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