We are back to the playbook this week and taking a close look at Wynn Resorts. There is a lot of volatility in the stock these days with the CEO in the news quite a bit these days. We are looking at a very short-term butterfly. You can find more on page 104 of The Options Playbook, which is always available on OptionsPlaybook.com, in on the Amazon Kindle edition.

Specifically:

• Why a very short-term trade?
• What is the desired outcome?
• What about the stock going ex-dividend?
• Setting up the trade
• Why use puts?
• Selecting strikes
• What is the cost?
• When to get out?
• Looking at net theta versus net delta

Do you have a question that you want answered on a future episode? Send them to Brian at [email protected], or to the Options Insider at [email protected].