Opening: SMH November 20th 530/540/670/680 Iron CondorVanEck Semiconductor ETFBATS:SMHNaughtyPines... for a 3.99 credit. Comments: ETF IV at >35% (it's at 36.8% currently). Collecting in excess of 1/3rd the width of the widest wing here with short option legs at 25 delta or below. SMH isn't all that liquid, so going with the monthly here. I moved in the call side slightly to structure the setup such that net delta is just about as flat as you can get. (It's currently marking at -.17 delta/3.19 theta.) Metrics: Max Profit: 3.99 ($399) Max Loss/Buying Power Effect: 6.01 ($601) ROC at Max: 66.4% ROC at 50% Max: 33.2% ROC at 10% of the Width of the Widest Wing Take Profit: 16.6% Will generally look to take profit at 10% of the width of the widest wing (i.e., 1.00/$100 profit) and re-up with there are still greater than 45 DTE in the monthly.