Closed a trade last week and had no position in XOP . Today we had a -2% move down and around 9% in the last month IV rank is not great, but right now not many ETF's have over 20 Implided volatility rank.
So I decided to sell a straddle with no upside risk (Big Lizard).
Sold the 33 Call
Sold the 33 Put
Bought the 35 Call