A key Strategy for CALLS & PUTS is to BUY both for larger Valued M/S. Example: (STAR8.CA) & (STAR8.PU) had a Strike Price of 230.00. This Strategy would have produced a Net PROFIT of 5.99 per Share (a LOSS of 2.00 on the CALL & a PROFIT of 7.99 on the PUT) less Commissions when the OW Cashed Out at 220.01.
This Strategy produces a NET PROFIT (less Commissions) whenever the Variance is +/- 4.00 greater than the Strike Price. A Net LOSS would occur if the OW Cashes Out within 4.00 of the Strike Price. It's a Low-Risk Strategy.
A Strategy for Small Ports (Under 50 MILL) is to BUY all CALLS & PUTS late WED & to SELL both late THUR as both generally increase in Value the first Day of Trading as many Ports BUY both the CALLS & PUTS.
Have FUN.
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