Dear option traders, I understand the definition of "expectancy". And that any given option strategy has a less than zero expectancy over the long term. How does one go about creating positve expectancy in trading? Some strategies that Mo has pointed to recently are morphing into a (iron) butterfly after an initial position (like vertical spread, ratio spread etc) is profitable. In other words, is positive expectancy (automatically) created when a profitable initial position is morphed into another position (at less than fair value) and this new position also wins? I would appreciate opinions / views from experienced option traders on this topic please. Thank you.