With an Implied volatility
rank at 49 I did a Straddle with no upside risk (Big Lizard) on XLK
for $2.12 per contract. Our break even is at $51.88 price and with 50 days to expiration that gives us a 78% probability of profit.
Sell 18 AUG 54 Call
Sell 18 AUG 54 PUT
Buy 18 AUG 56 Call