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OPENING: /CL APRIL 16TH 51.5/52.5 SHORT PUT VERTICAL

... for a 1.60 credit.

Notes: A delta hedge out in the expiry where the at the money short straddle is paying more than 10% of the value of the underlying. Scratch at 21.40. Ultimately, the hedge may be unneeded if the entirety of the January call side can be pulled off for approaching worthless (which is where most of the short delta lies), but one never knows.

As a standalone trade, a 79% probability of profit setup paying 1/6th the width of the spread.
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