IBM/Ravi - From scratch I would go with:

• Sell 5 IBM 2023 $100 puts for $20 ($10,000)
• Buy 15 IBM 2023 $110 calls for $20 ($30,000)
• Sell 15 IBM 2023 $135 calls for $10 ($15,000) 
• Sell 5 IBM Jan $120 calls for $4 ($2,000) 

That's net $3,000 on the $37,500 spread so that's $34,500 (1,150%) upside potential at $135, which is not very far away.  The short calls can be rolled and I don't think IBM will explode and, of course, any time IBM doesn't gain a few % in a quarter, you lower your basis. 

Also nice that we're starting out $10,500 in the money so it's another Trade of the Year contender with that kind of leverage!

Want to see more?

Reap the benefits of one of our paid membership plans and get access to articles like these PLUS:

• Insightful daily market reviews
• Educational guides and posts
• Access to our Virtual Trading portfolios
• Unique trading opportunities
• LIVE trading webinars
• Intraday market commentary from Phil
• Our community of traders