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what's wrong with this strategy? it seems like too easy money:
pic rel is for SPY
sell a deep OTM call and a deep OTM put, this gives you a lot of credit, then buy a deep OTM call for upside protection.
The result is you get a huge loan at no cost which you can put into short term treasuries yielding 4.2%. you only lose money if SPY goes below -50%