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Compared with recent months oil has been much more stable than it used to, and straddles are a little harder to come by. UCO is trading close to $10 making it ideal for a 9-11 June strangle or a 10-10 straddle. 9-11 is my preferred since there is lots of time to expiration. 10-10 is safer.
These are the maximum moves required computed with our StraddlesCalc tool.
9-11 Strangle:
10-10 Straddle:
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