Adjusting a Wide Fly as we are hitting new lows

[Steve G]

As we were breaking to new lows today, I decided to modify this fly to flatten the Deltas a little bet and doubling the Theta in the process (a Win/Win). I also rolled my long call down a little product against a BIG bounce. This is looking really good with this much P&L in only 9 days!

 

[DaveN]

Nice adjustment Steve! These Butterflies are cheap with this high IV, and you've got a great example of putting one to work to add to your trade. Win - Win indeed!

 

[tom]

With futures -87.00 -2.08% now, it looks like you'll be at the very bottom of the tent on the open....unless we sell off more. Good thing the T+0 line is so flat