Ibex, personally I wouldn't do it, 13.5 over two weeks, do you think BARC is going to hang around 500 for that time? - only my opinion though, and I'm crap at forecasting, so it might be a good play, but don't forget you've got the closing spread/costs as well, and 13.5 isn't much to play with.
I always prefer to go out further in time when writing straddles, at least 2 months, gives you a bigger premium to play with. Premiums are very poor at the moment because of the low implied volatility, I'm currently short the Feb 500 straddle, but I opened that about 3 or 4 weeks ago and I've also got protection at 460.
I don't know what you'd get for writing 3 x 500 March calls for example, but that might be worth considering.
Good luck whatever you decide, I'm sure others who post on here will point out other possible alternatives.
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