Uber is a small long: near a multi-year low and with implied volatility high enough that puts are rich, a November jade lizard (selling 65 puts against a 72.5/75 call spread) profits anywhere above 62.5 with no upside risk; he calls it a fun play.

yeah, I did a Jade Lizard this morning in um uh Uber. What would it be? So Uber uh Uber I sold the 65 puts for November.

So Uber's on its multi-year low, I guess. You know, right? Close enough. I mean, you could show you could show a chart if you want if but the stock traded as high as 100 and something. It's basically on its low, right?

Okay. So, a jade lizard is this simultaneous sale of a naked put and a short call spread. It's like it's like a hedged short put. So I sold the 65 puts and the 72 and a half 75 calls.

Sold the 72 and a halves. 72 and a halfs. You have it as a buy selling the 72 and halfs and selling the 72 and 12 calls. Buying the 75 calls. So, we're sell these, buy these.

$253 credit, right? I did it for 250 or Yeah. two either 249 or 250.

so it's a little better. It's a couple cents better right now. But the nice thing about this trade is you're getting very small long Uber, but you have no risk to the upside. Zero.

Because you're collecting 250, which is more than the width of the strikes.

So basically, you know, anywhere from anywhere from 62 and a half, which is outside of the expected move, any anything above 62 and a half and you're a winner on this trade. I like that. It's a classic.

It's a classic jade lizard. But if it went to eight, is it where's where do you start losing on the upside? You don't There's no There's no risk to the upside. Zero. There's zero risk.

Yeah, you probably get filled 252 or 251, but try 252. Yeah, I got filled at 250 this morning.

I do a ton of jade lizards when I want to get long something and um you know I I thought Uber is probably it's got really high implied volatility rank. So you have the puts are rich and you have no risk to the upside at all.

but I I think Uber is a fun play, too.