They are equivalent. More important is the fact that ISE f*cked you on the mkt order. I cannot imagine someone didn't bid something marketable.
Here you are. First image is the guts, second is the natural (OTM):
lol he's wearing his losses on his sleeve. A dude with $22K and we're supposed to mourn his departure? lol YOU ARE WELCOME for the $1K. Don't buy drugs with it.
None of it makes sense. He confused the credit with the payout. I don't get how he sold it so far under intrinsic other than he sold one leg which moved against him and he sold the remaining leg.
People need to stop experimenting in the vol-markets. Like that ad where the guy saved money by...
Well, it's why I asked if her legged into this... regardless, it's a guaranteed 1.88 loss. No idea how he thought shorting a guts QQQ strangle for $1.88 under terminal value results in a $7K gain.
He would have needed to sell a 40-50 lot to arrive at $7K with three days to exp.
There is no way that you sold the strangle, at those strikes, for 12.12. It's a instant loss of 1.88. $188 per contract, at expiration. Don't worry about what it's called. The 280/294 guts is always worth at least 14.00.