09/17 AMC $70 Straddle

The $70 September straddle is ridiculous right now. The $70 Straddle will give you

• Break even: $14/$125
• Credit: $55.70
• Delta: -34

If you delta hedge this with 34 shares to protect the upside your break even will switch to

• Break even $25/$160
• Your upside profit potential increases to $59.15 @$70

And finally, if you can't sell naked calls then just sell the $70 straddle buy the $110C and your upside loss will be eliminated and your breakeven to the downside is about $30.