Opening (IRA): UNG April 17th 10C/January 16th -16CUnited States Natural Gas Fund LPBATS:UNGNaughtyPines... for a 4.08 debit. Comments: Seasonal natural gas play, buying the deep ITM, high delta long in April and selling the shorter-dated in January. Metrics: Buying Power Effect: 4.08 ($408) Max Profit: 1.92 ($192) ROC at Max: 47.06% 50% Max: .96 ROC at 50% Max: 23.53% Will generally look to money/take/run at 50% max or look to roll out the short call to reduce my break even further.