Sep 10, 2024
The buy for both the calls and the puts is above the open, the stop for both at that point is a new call low and/or a new put low for the day. Those new lows for the day are sometimes tight and sometimes scary wide (but the strategy is what it is).
And sell the trade at the close. It is a day trade. Never hold it overnight.
I've automated the strategy in TradeStation so those signals are routine.