Greeks for FX Options

OK so I am testing the waters in FX Options.

Probably not the best market to start, but the one I have the most knowledge in.

Noticed that there is a daily euro range from 1.4650-1.5100.

Now if I was to setup a Reverse iron Condor, expecting this range to be broken, how would I set it up?

Sell a 1.5050 put
Buy 1.51 call
Sell 1.47 call
buy 1.4650 put


does that sound right?

Also, this would mean I am short theta correct? so it is best for shorter term trades so daily range might not be best opportunity to use this?

Having looked up what a reverse iron condor is (as that kind of name for a strategy is more an exchange traded kind of term, and during my time on LIFFE in the 90s I doubt I ever got beyond butterflies, stratddles, strangles, etc), I'm wondering if you don't have it backwards actually.

I think you would need, assuming the same set of strikes, to be long the 1.4700 eur puts, short the 1.4650 eur puts, long the 1.5050 calls, short the 1.5100 calls.

So you are simultaneously long a put spread and a call spread basically.

http://www.theoptionsguide.com/reverse-iron-condor.aspx

Hope this helps.

GJ

I' am wondering if this kind of options strategies can be successfully used in sports betting too.
Does anyone have any profitable experience with this?!

Thanks GammaJamma...i knew something was off.

I have checked out several options strategies from that site, but find that they do not discuss the greeks impact on the option.

Basically I am looking for an Idea way to trade short term options ranges/range breakouts....thought iron condor would be best as it could be built to my own risk:reward ratio, but starting to think that there might be better plays that do not tie up as much capital.