ATM Ratio spread on FXE

With the IV rank above 50 on FXE its a good time to sell premium. I could do a Strangle or Straddle, but since we are at an extreme and very far from the 200 EMA I don't want the risk to the upside. So I will be making a at the money Put ratio spread. Selling 2 of the 102 Puts to finance one of the 104 Puts. This way we have a 69.5% chance to make money at expiration with no risk to the upside. If we manage early we can bump it up to around 90%.

Max Profit $227 per contract, will look close at 25% of credit received.

We make money as long as we stay above 99.73 in the next 44 days.

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Forgot to update this trade.