One of the wonderful things about options is that, no matter what assumptions traders bring to the market, they can construct strategies to profit if they are correct. The typical delta neutral strategies, strangles and iron condors, profit should the underlying remain stable, but if you believe the underlying is going to move but don’t want to pick a direction, there is a trade for you: the double backspread. Today, Tom and Tony explain this rarely used strategy, why it is so rarely employed, and look at the data to see if it is ever a good idea.