how to reverse harvey a butterfly or calendar

[Olufemi]

i can understand how this would work with an iron butterfly ( as it clearly has outer wing strikes to buy back and tuck in) )but how would you 'reverse harvey' a calendar as their are no outer wings to buy back? not sure but i might be missing something.

thanks

 

[vega4mike]

you cannot apply a reverse harvey to a calendar, the concept is only used for butterflys. From your statement you've indicated that you understand how this would work with an Iron butterfly, well the same would apply to a normal butterfly where all calls or puts are used. All butterflys have outer wings.
Some traders prefer to use iron butterflys when the 3rd leg is ITM. If your butterfly strikes are all OTM, then they would either all be calls or puts as it wouldn't make sense to have an iron fly as then you would have 2 strikes OTM and 2 strikes ITM (ITM strikes: difficult to execute, poor liquidity).

 

[status1]

It's true that you cannot use the reverse Harvey on a calendar but you can still adjust one of the strikes to neutralize delta which would turn it into a diagonal which you can further adjust to make it more bullish or bearish

 

[Olufemi]

you cannot apply a reverse harvey to a calendar, the concept is only used for butterflys. From your statement you've indicated that you understand how this would work with an Iron butterfly, well the same would apply to a normal butterfly where all calls or puts are used. All butterflys have outer wings.
Some traders prefer to use iron butterflys when the 3rd leg is ITM. If your butterfly strikes are all OTM, then they would either all be calls or puts as it wouldn't make sense to have an iron fly as then you would have 2 strikes OTM and 2 strikes ITM (ITM strikes: difficult to execute, poor liquidity).

thanks for this. i mistakenly added butterflies to my post as they do have outer wings like iron flys...Are their any similar techniques for locking in profit that can be used with calendars?