Always like to have trades on TLT so even thou the IV rank is low I like to add trades keeping the qty small and will look to diversify with other trades in bonds later on next week.
I am basically betting that we are still in a correction and will stay between my 124 calls and 118 puts.
Our break even are:
With a Probability of profit of 62%. Target is to buy it back at 50% of credit received increasing our probabilities to 75%.
Trade: (Rolling the untested side)
Sold the 122/118 Put Credit spread for .78