Using the Bollinger bands as a guide, I'm looking to reload a short volatility play should I be able to get a fill for the right price ... .
Here, I'm looking for the basic 1/3rd the width of the spread for a fill price (i.e., 1/3rd of 3 = 1 or $100). I'm setting it up as a GTC order that will expire some time next week. I'll then have another look at the Bollinger Bands, see if they've changed and tweak my spread accordingly.
If it gets filled at some point, I'll look to manage it at 50% max profit or 50/contract. As always, these short volatility plays are a "money, take, run" proposition.
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Alternative: Buy XIV at similar BB level. I would note that XIV is not optionable, but one advantage of just buying the stock is that you don't have to deal with "the volatility of volatility."