🎯 $Snowflake(SNOW) Options Strategy: Jade Lizard (Short Strangle with a Put Hedge)
- Underlying: SNOW
- View: Bullish to Neutral, expecting a post-earnings move that stays within a wide range or a rally, but seeking to profit from a collapse in extreme IV.
- Strategy Type: Credit Spread / Volatility Selling (Defined Risk)
- Option Contract Portfolio:
- Sell 1 SNOW June 5, 2026 $190 Call @ ~$9.10 (Mid: $8.80)
- Sell 1 SNOW June 5, 2026 $160 Put @ ~$5.60 (Mid: $5.825)
- Buy 1 SNOW June 5, 2026 $150 Put @ ~$2.95 (Mid: $3.10)
- Max Gain & Loss: Max Gain = Net Credit Received ($9.10 + $5.60 - $2.95 = $11.75). Max Loss = ($190 - $160) - Net Credit = $30 - $11.75 = $18.25 (occurs if stock > $190 at expiry). Loss on downside is limited to $10 spread width on puts minus credit.
- Initial Cost/Credit: Net Credit of ~$11.75
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