So you want to play the Fed announcement?Lucky you, there are Friday options expiry in the TBT and the TLT.

They are the June 2014 options which go off Friday at the close.

This idea is for those in front of a screen and can manage the trade.

If either call gets to the strike price you should be taking at least half the trade off, for profits could be fleeting.

The bet would be a breakout of the current range, so a strangle would seem in order.

Rather than buying the puts and the calls in the TBT, I like buying the TBT 63.50 calls which are trading around 28 cents plus buying the

TLT 113.00 calls around 13 cents, both of which expire Friday.

This gives you a small skew towards a Risk on board and higher rates.