Dec Midcurve 98.625 Call – Dec Midcurve 98.50 Straddle with 74.4 days to expiry, 33.2 Delta.
With Dec 20 Eurodollars ticking off this morning (98.515 -2.5) Dec Midcurve trades using the 98.50 and 98.375 strikes might be worth a look. Selling the Straddle, and covering the upside with a Call provides a positive payout above 98.295, and a approx 19 tick payout on a 98.50 expiry (EDZ0).
With Vol holding up in Dec 20, the structure trades cheap.
Other trades to consider depending on your view would be short the Midcurve Dec 98.50 Strangle versus Long 98.375 Puts and Long 98.625 Calls (Iron Fly), this trades around 10 with a 2 cent loss outside 98.395 & 98.605 (EDZ0).
Trade booked for tracking.
