This is a neutral bet on the VIX and we make money if it stays between 15.50 and 11.50.
Sold the 13.5 Straddle
and bought the 17 Call and 10 Put wings to make an Iron fly for a $2 credit per contract and reducing our buying power requirements. I will look to manage these very early at 10% of the credit received.
Backtest data done by tastytrade
2006 to present
managed at 10% of the credit received had a 89% Success Rate