No risk to the upside 80% on KRE (Jade Lizard)

Updated
In the last 90 days we had a 14% down move and got rejected at the 200 EMA. We might still have more room to go to the downside, but I am betting that we are still correcting and some buyers may start to come in.

With an implied volatility rank of 34 and 50 days to expiration, I sold a Jade lizard to eliminate the risk to the upside and still have room to the downside until my break even. We collected $1.12 per contract and have 81% probability of profit, our break even is at the $47.90 level.

The trade:
50DTE
Sell the 52 Call
Buy the 53 Call
Sell the 49 Put

Prob of profit 81%
Credit Received $1.12 per contract
Trade closed: target reached
With 21 days to go, decided to take profit on this one and make another trade.
jadelizzardKREoptions

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