I am interested in adding more extrinsic value to my portfolio so I am putting on this position that will benefit from time and possibly volatility decay. This unbalanced iron fly can only become a loser if the gold complex continues to climb so it is a decent hedge to my existing bullish precious metals positions. The maximum possible loss is the difference between the call strikes minus the credit received ($953 per spread, so $9530 per 10 lot). GDXJ is a junior miners ETF that would have to reach $75 at expiry in order to realize the maximum loss. This position would be a winner on the downside as the difference between the put strike prices is less than the credit received.
GDXJ Sep 56P-60P-60C+75C for a credit of 5.47.