Apple Stock Short Strangle

Apple is down nearly 2% today and IV rank is climbing toward 40. That combination is exactly what you look for before selling a strangle. The trade: sell the 280 put and the 335 call in the July cycle with 46 days to expiration, both at one standard deviation. The credit collected is over $400, theta decay runs at $13.50 a day, and the break-even on the downside sits near a level Apple has not traded at since its late May gap up. Both strikes are outside the expected move and the upside has never even been tested.