OK, let me share my lessons learned on both trades: GILD 121 fly Feb 5 61/64/67 and GILD 121 fly Feb 12 60/64/68. These were some possible paths at the time: 1. Stayed the course and let the flies played out. 2. Rolled the upper spread higher. 3. Closed out the upper spread. 4. Closed out the flies. I selected #3. GILD closed today @$65.83 On the 61/64/67 I will let the bull spread expire tomorrow so the fly should record a small net profit. On the 60/64/68 the bull spread has a week's run time and max profit of 25% at expiration if GILD stays above $64. #1 turned out to be the best course of action. I could have booked significant % profits on both if I closed them out early this week instead of 1-21-21. Next time I will remember @destriero's coaching.
Dude, man, you make money whether the stocks go up, down, sideways, or invert into the space-time continuum, with your complex diagonals and verticals etc.. Even when you are wrong on a wing, your other legs you will somehow make a profit from. At the least you will be at BE, maybe have a small loss on the whole position. Go away, inhuman cyborg trader! lulz
I bought a spy fly today 85/80/75 put, feb 5, for .81 and sold it for .82. Lost on ticket charges. But I’ll take it!
I finally bought a 231 put fly on ViX, 28/24/23 Feb exp, when ViX was having fun about gme, thanks to what I learned here. It moved into profit quickly and I sold it back after for 1:1 (about 2$) to avoid another spike risk. Thank you traders