Today's trade was crowdsourced in the All Star Options Telegram chat. Thanks to those of you who brainstormed with me.

As you know, I'm on the hunt for rangebound instruments to sell delta-neutral premiums in. The problem is -- it's getting harder to find charts that check all the boxes. I find myself having to make compromises. I can either find good premiums (often at the risk of an earnings event on the horizon), or I can find a stock in a good range. But it's getting harder to find both.

At the risk of sounding like a broken record, I'm continuing my theme of the past week of looking for opportunities to sell premium in mostly delta-neutral options trades.

"Delta-neutral" basically means I'm looking to collect income in sideways consolidations while the broader markets sort out this current correction.

Not only is this a good tactical bet for sideways, sloppy, and messy markets, but it also provides nice portfolio diversification if you have a book of long positions like I do.

We've got a well-known mega-cap stock to use as our vehicle today, so let's get to it.

This trade doesn't need a long-winded send-up. Because it's the same story as the trade we put on in $FCX on Friday.

So let's get right to it.

Here's the trade:

As I and the team have discussed on The Morning Show and this week's Options Jam Session, I'm on the hunt for opportunities to sell delta-neutral option premium with $VIX exploring higher levels than we've seen in recent months.

Today's trade is in a sector ETF exhibiting elevated options premiums and signs for extended rangebound action.

And October options are offering us enough premiums to trade strikes sufficiently far away from current action, beyond significant support and resistance levels.

As far as setups for delta-neutral premium collection go, this one checks all the boxes.

Here's the Play:

As is common when the stock market is moving lower, we're seeing rising options premiums. We aren't seeing any big volatility spikes yet, and $VIX is still relatively muted, but the recent rise coupled with setups that appear to be ripe for some sideways action in the coming weeks and months has me on the hunt for delta-neutral premium selling opportunities.

Today's trade is in a metals and materials stock that appears to be stuck in a year-long range that we're betting on continuing.

Check out this chart of Freeport McMoran $FCX for a visual of what we're seeing:

No matter how you measure volatility, there is no ignoring the fact that the daily moves (both realized and expected) have shrunk dramatically in the cryptocurrency space, most notably in granddaddy Bitcoin $BTC.

Here's Strazza this morning on twitter:

Implied volatility can remain muted for as long as it wants to. It's not going to expand on my schedule. But at least when we're range bound and options prices are relatively cheap, we can position ourselves further out in time to take advantage of the next big move.

That's exactly what we're going to do.

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Today on the Morning Show, JC was talking about bitcoin and how if you want to underperform the next leg higher in crypto, then own bitcoin. But if you really want to get some juice for the next crypto rally, the crypto mining stocks are how to participate!

In particular, both JC and Strazza like Riot Platforms $RIOT and Marathon Digital Holdings $MARA.

And specifically, we all like what could have been a recent "oops" or fakeout-breakdown that may have just shaken out all the weak hands, clearing a path for the next move to new cycle highs:

With $MARA flirting with breaking back above $16.00 per share today and implied volatility in the options near yearly lows, it feels like high time to catch the whipsaw back to highs.

We've adjusted a position in the Paid-to-Play portfolio today:

Gilbert Gottfried would like this trade.

The famous duck on our television screens that interrupts nearly every commercial break during football season is setting us to pay us back for all those annoying "Aflac!" utterances.

New all-time highs + low volatility sets up my favorite trade.

Boeing is on the runway and has been cleared for takeoff.

So we're going to put on a trade that will hopefully mimic a successful climb to cruising altitude.

Sector rotation continues to pump new blood into the bull market that's been running for over a year now (yes, over a year, hater). And as it does, we love getting into stocks that are late joiners. These stocks have seen some tremendous rips. Just look at the chart of Caterpillar ($CAT) as but one of numerous examples I can point to. That's what today's trade has the potential to do.

Our Commodities Analyst Ian Culley recently reported on several energy stocks we need to be paying attention to. And one of them just got earnings out of the way. Implied volatility priced into its options was already suspiciously low before the earnings report, so this sets up a great opportunity for a simple long calls play.

And we've got a big round number up ahead that would represent new all-time highs which should act as a magnet to help us out.

Today's trade is inspired by the latest Follow the Flow report. And it's offering up a better than 4-to-1 reward to risk if we nail it.

We're getting long Bausch Health.

Here's the Play: