Thoughts for Monday/French election.
Regardless of the result there’s gonna be a 1-2% move in currencies.
We know about the USDJPY wedge I’ve been showing….the break up/down will likely be monday IMO.
So a 1-2% move in USDJPY will probably cause a 3-5% move in GDX.
With GDX option IV only around 35% it’s maybe a good opportunity for a straddle if we expect a 3-5% move. That would be enough to wipe out one of the options but increase the other by 200% or more (in my opinion). If the options react any less than 100% they’ll cancel out.