A relatively calm market with high volatility is a recipe for success for options traders as the premiums are high and the fluctuations are not extreme.
What's my trade for today?
#MGM ( #MGMResorts ). Earnings just came out and it beat expectations, however the overall market conditions didn't allow the price to jump. The IVR is still very high so it's a perfect setup for a strangle.
Because I am more bearish than bullish at the moment I decided to go down all the way to $30 with the put side and 2x the expected move on the call side.