Kay is eager to put on a naked option trade in a cheap-ish stock. The gang look at NOV, CLOV, WEN, and X and decide X is the best bet because there’s the most credit to be had (~$1.34), the least Buying Power Reduction ($250), respectable IV Rank (20.7), and good liquidity (~15 million in volume). Kay sells a strangle in X. Bonus Lesson: When Kay went to route her strangle, she had troubled getting filled in this very liquid stock, even when she pennied down. Tom explained that this means the two legs are coming from two different exchanges. He instructs her to route them separately, and she’s able to get filled on each bid price no problem. Try this if you’re ever struggling to get filled on both legs at a fair price!