This is basically the opposite of Lizards.
It is a slightly bearish strategy but having no downside risk if we make sure the net premium collected is more than the width of OTM Vertical Put Spread to have no downside loss.
Ideal IV Environment: High
Maximum Profit: Net Credit received
How to Calculate Breakeven(s):
If the total credit is greater than the width of the Vertical Put Spread, then there is no downside risk. In this case, Total Credit = (124.65+87.95-69.45) =143.15 > Width of the Vertical Put Spread = (8600-8500) = 100.
As usual, An alternative way to view the setup is – Sell Strangle + Buy OTM Put. But unlike Big Lizard, there is no big twisted sister here because the strategy is not so popular enough to have another name to itself.
So, Sell Straddle + Buy OTM Put also falls under Twisted Sister
Anyways The payoff graph from the previous setup looks like –
Here is a table for quick graphical representation –