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Once you have the symbol, TOS will take any mathematical combination of symbols, though it gets messy. So for example, without testing, weekly straddle on AAPL ATM should chart as: .AAPL130222C460 + .AAPL130222P460

Yes with ratio at 0.88 you would enter a new ZIV position now if you didn't have one (alternatively you could wait for it to go above your threshold and enter only when it drops below it again) the ratio was between ~0.7 on the low and 1.22 on the high. avg. is probably ~ 0.95 or so. The ratio is often in the 0.85 to 0.95 range so having your trigger somewhere in there makes you trade more in and out than having it outside that range. Below the table from my back testing. I bought and sold 80 ZIV (~ 1000$ at the beginning of the back testing period (30/11/2010)) so thats non compounded Timing with a ratio of 0.91 would have resulted in 52 trades and a P/L of 1845$ (no commission, trading at the closing price) so your 1000$ became 2485$ a direct buy and hold investment in ZIV over the same time would have made you 1286$ profit (your1k became 2286$) Thats as of 4th of Feb - ZIV is up another 6.5% or so since. I also looked at whether that would work as a general market timer (to trade SPY for example) but it underperformed a simple buy and hold on the SPY a lot. However seems to work well for ZIV since its inception.