anyone else here selling straddles at 115 and hedging with strangles? (iron butterfly right?) I'm doing a variety of plays: - sell 115 feb straddles (9.70 avg) - hedges include: 105/125 long feb, 100/135 long Mar, and some extra longs at 130 (call) feb and 100 (put) feb. IVs are off the chart. furthermore, doing the 105/125 feb hedge on the 115 feb short straddle has a net credit of 7.00. Risk is pretty low, considering the sold straddle covers nearly a 10pt move, and 105/125 are 10 pts away from strike. Now I'm contemplating whether to hold to options exp or just close tommorow if we pass over the 115 strike after open. Any ideas? This almost seems too good to be true. And perhaps it is. We'll see.