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Technical glimpse:
After taking major support at 111.041, the pair has now broken out strong resistance at 112.670 to evidence mild upswings in short term upto 114.750 levels, both leading and lagging indicators signal interim buying momentum.
Margin: Not needed for Calls
How to execute: As shown in the diagram, go long in 3D (0.75%) ITM +0.67 delta call option, and simultaneously short 3D (1%) OTM call with preferably positive theta or closer zero.
The Delta is continuously varying as the underlying spot FX fluctuates. Options further in-the-money (ITM) have a higher Delta. This indicates that ITM options are worth more per pip movement in the underlying market and out-the-money options are worth less per pip.
Strategy trade walk-through:
One can use the below strategy upon trading the expectation that the underlying spot FX of USDJPY would rise above 113.674. Even if it goes against, the maximum loss is limited by OTM strike price.
Max. Return: The profit is limited by OTM strike price (in this case, it is 114.664 where thee next resistance is likely). No matter how far the market moves above 114.664, the profit remains the same.
BEP level: As shown in the diagram, the break-even point remains between ITM and OTM strikes.
Max.Loss: The maximum loss is the net premium paid (for Calls) and is achieved when the underlying market moves below point A. A smaller loss is made between point A and the break-even point.
Impact of volatility factor: The 1W ATM IVs of this pair is at 10.9%, No significant effect is expected since we have dual leg in our strategy.
