Options trading on McDonald's after it popped to $291 on earnings and then reversed hard to $282. Live trading a jade lizard here means selling a call spread at the 292/295 strikes to collect premium and adding a 275 short put below to get the long delta needed to catch the move back up.

The jade lizard option strategy fills at $5.55 with 23 long deltas, 75% probability of profit, and no risk to the upside. Risk only below 270, a level McDonald's has not seen in years. Entry discipline is everything on a name with wide markets.