We can use the 11X bear trap structure to accomplish several goals by moving parts around:

1. 111 — Less risk to downside with only 1 NP, but less income and closer to the money NPs. Less moving parts, but harder to adjust.
2. 112 — More risk to downside with 2 NPs, but generates more income and farther OTM NPs.
   • You can vary the width of the PDS based on market structure (50-wide neutral to bearish, 30-40 wide bullish market).
   • I came up with 120 DTE version from the original 60 DTE because it was more margin efficient and works better in a campaign, but takes longer to achieve profits.
3. BA112 - Little to no income because we push the naked puts way far OTM and now it makes its money on a long slow down move and has a very long TRAP. It’s a pseudo hedge.
4. FB112 - Little to no income because we widen the PDS to 100+ wide — it makes a lot more money on a shorter duration down move. Shorter trap, but fatter and more money.
5. AT112 - Decent income with naked puts at normal distance BUT move the PDS higher to increase the odds of trapping a bear (This move of the PDS cuts into the income)- it makes more money on a small down move because of the higher delta PDS.
6. 1122/1121/1134 — Adding puts to reduce BP.