72% Probability trade on XLU (Big Lizard)

The Utilities sector have been underperforming. With IV Rank of 67.5 and down around 10% since December we are getting at least some premium to sell. I don't want to risk a move upward, so I Sold a Big Lizard (Straddle at 51 and bought the 52 call) to eliminate the risk to the upside. This is a high probability trade above 70% and we make money as long as it stays above $49.82.

The Trade:
38 days to expiration on Feb 16
Sell 51 Put
Sell 51 Call
Buy 52 Call

Credit $1.18
Probability of profit 72%

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