The $43 and $45 strike prices would be more suitable for a strangle option play on International Paper (IP) with a 7/5 expiration:$43 Strike Price: This strike price is in line with the current trading price of $43.25, making it a reasonable choice for the put option in the strangle. It provides a limited amount of room for price movement, which can be beneficial for the put option but may limit the potential profits from the strangle.$45 Strike Price: This strike price is slightly above the current trading price, offering some room for price movement before expiration. It also aligns with the 5-day and 10-day moving averages, which can be used as support levels in the strangle.Suggested Strikes: A long strangle with the IP July 2024 $43.00 put and the IP July 2024 $45.50 call, or a short strangle with the IP July 2024 $43.00 put and the IP July 2024 $45.50 call, would be more effective in taking advantage of the current volatility and potential price movement.Strangle Considerations: It's important to note that the effectiveness of the strangle will depend on the actual price movement of the stock. If the stock price remains close to the current trading price, the strangle may not generate significant profits. However, if the stock price moves significantly above $45 or below $43, the strangle could be highly profitable.When selecting strike prices for a strangle, it's crucial to consider the current trading price, volatility, and potential for price movement in the underlying stock. The strike prices should provide a good risk/reward ratio and allow for significant profits if the stock price swings in either direction before expiration.

The $43 and $45 strike prices are suitable for a strangle option play on International Paper (IP) with a 7/5 expiration. The $43 strike price aligns with the current trading price, offering limited room for price movement but also potential profits from the put option. The $45 strike price is slightly above the current trading price and the 5-day and 10-day moving averages, providing some room for price movement and potential support levels in the strangle.

A long strangle with the IP July 2024 $43.00 put and the IP July 2024 $45.50 call, or a short strangle with the IP July 2024 $43.00 put and the IP July 2024 $45.50 call, would be effective in taking advantage of current volatility and potential price movement. However, the strangle's effectiveness depends on actual price movement, and significant profits may only be realized if the stock price swings significantly before expiration.

When selecting strike prices, consider the trading price, volatility, and potential price movement in the underlying stock. The strike prices should provide a good risk/reward ratio and allow for profits if the stock price moves in either direction.