Today, I am looking at an interesting trade set up in GOOGL. For over the last month, GOOGL has been trading in the 530 to 560 range. The strategy would look to take advantage of that continuation. I’m looking to enter into a GOOGL iron butterfly in May 5 expiration period that is 16 days from expiration (expiring on May 29th). GOOGL is currently trading in the 542 area. Look to sell the 540 put and buy the 520 put, and then sell the 545 call and buy the 565 call. This gives the trade a 45% probability of profit or probability that the price will stay between the breakeven of the strategy. Currently, you can put the trade on for a credit of around $11. It will be $2000 in margin if doing 1 contract and you will subtract your credit from that so the cost of the trade should be around $900-$1000. Take the trade off at a 10% profit or a 15% loss. Again, look for GOOGL to continue being range bound through the rest of the month.