Derek O was requesting this analysis. These option strikes are located (in my opinion) at prices where IF FSLR gaps there, it should continue. Buying August gives you time. Total debit is $2.00. A bearish gap down likely would have the most edge and trap a lot of bears.
Since the last 2-3 days are bullish and FSLR gaps up, those who bought below $51.70 would probably sell at open
Therefore, I likely would sell the calls IF it gapped up and hold onto the puts. If it gapped down, I would hold onto the puts.
Stock didn't gap at all today, but ran down HARD. Huge candle and if you're in the puts, they are making money. You're up about .77 cents on the whole trade. If I were in the strangle, I would hold the puts into $41