This is a short Iron condor Example for Accounts that can't do naked options.
Instead of a Strangle We can buy the wings ($5 wide minimum) and make it an Iron Condor. This will defined our risk and our capital need it for the trade is just $325.
This is a neutral strategy with a little downward skew given the rally the last couple of days.
Sold:
147 Put
168 Call
Bought:
142 Put
173 Call
38 Days to expiration for 1.75
Max win is $175
Max loss is $325
Delta 20 with $5 Wings
Our Break evens:
145.25
169.75
Probability of profit = 60%