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Thanks. So here's there real stuff. Prices from yesterday, 6/30/15. Pardon if my syntax isn't up to snuff. GPRO 53 Aug 21 60 Call 1.60 Aug 21 45 Put 1.50 Aug 21 45 Call 9 I first considered a VRW: Long 100 GPRO Short 1 45 Call Short 1 60 Call This has a max profit of $260 and an...

Thanks. I understood Variable to refer to the varying strike prices as opposed to a Ratio Write where all the Calls are the same strike price. But I think I understand your point, that a VRW is more easily adjustable to maintain neutrality, is that correct?

drcha, you are correct. He does discuss them briefly, late in the book, when discussing trading volatility. He does not discuss it when he presents Variable Ratio Write, which is surprising as he usually does tell you when a strategy has a substitute which can be more efficient. Are there...

It seems to me that a Short Strangle is a better way to achieve a similar P/L profile, unless perhaps you are already long the stock. The funny thing is that I can find no mention of the Short Strangle in Options as a Strategic Investment. Any thoughts?