BOTTOM LINE: Chase Ultimate Rewards Points are much more valuable to have than AMEX Membership Rewards Points in this specific instance, given that you can transfer them to Hyatt and Marriott. For hydro options board options fros on board options which are also trade the option fro or nothing options. FROs were co-invented by a team of Amex executives including our very own Don Montanaro, aka BigDog, aka the Chairman and CEO of TradeKing.
You are dead on with your explanation on how selling a FRO option either FH or FL would work in the margin department.
For example, a sample booking of the Park Hyatt Paris-Vendome prices out to $1,291.82 for a 1-night stay, AMEX would require 172,243 points for this redemption.
The Park Hyatt Paris-Vendome would require ~103,345 Chase points vs 172,243 AMEX points for the same night.
If you would like to see an Iron Condor Profit and Loss graph just pop over to "The Options Playbook" under the tools menu, it is play number 26.
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