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Volatility Curve & Skew

Volatility
Options fall into the category of being slightly undervalued in non-volatile markets in the weekly options report.Notes:
Contract Size - 12,500,000 Japanese Yen
Tick Size: Outrights: .0000005 USD per JPY increments (6.25 USD)
Trading Hours: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT).
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JPY-USD Charts
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Strategies
Below is a broken wing butterfly with bias to the upside. The position will benefit if the yen continues a slight trend higher and implied volatility were to drop slightly reverting towards historic levels.
The % yield shown in the diagrams below represent an estimated return on margin from projected dates shown below.
Below is an illustration of the position with a -1% drop in implied volatility.