WYNN - Wynn resorts is down slightly as I write this. I suggest selling the 120 calls to hedge the existing May 85 puts. We may also roll up to the 95 put strike to tighted up the range and increase the potential return. If it looks like a good trade, you'll see another post to the site. See below for the May call.
The 120 strike is 13 points out of the money and provides us with a slightly negative delta on the total trade. That means that the trade is leaned towards the neagative direction where it makes more money if the stock goes down. However, that is a short term phenomenon because by selling the call, we create a short strangle (selling uncovered put and call options at two separate strike prices).