Where did any of what he said translate to a butterfly with a 231 put.I'm not saying you're wrong but I fail to make the connection
231P = 2-3-1 Put: he buys 2 puts of the lowest strike, sells 3 puts of the center strike and buys 1 put of the upper strike. See it as 2 credit spreads + 1 debit spread combined, with the same short leg. In this case, I expect, he bought 2x 3105 Put, sold 3x 3120 Put and bought 1x 3135 Put. That's different then yc47ib mentioned above by the way. 132C = 1-3-2 Calls. The same, but then from the Call side.
It is my understanding that Dest trades these flies with equal risk on the upside/downside. In order to do so, the body distance from the expensive single put has to be twice the distance of the body from the cheap 2 puts. So if you have the body at 3120 and the 2 cheap strikes at 3105, then the expensive strike is at 3150 (3120+15*2).
231P = B1000(2) x S1050(3) x B1150(1) It's used to denote the natural (all puts) but can be traded as calls or the synthetic. 132C = B1000(1) x S1100(3) x B1150(2) Also can be traded as all puts or as a synthetic. 231P meaning the body was below the mkt. Was done as a synthetic.
I was grabbing coffee when the Trumptard tweet was posted. I am done with this experiment. Lost >$15K on the tweet. Went from up $12K to down $3K on the week. I refuse to chase anything here. 2019 PNL at start of comp: $444,826.70 ending: $441,758.06 Loss of $3,068.04
Thanks buddy. It is helpful. Good vibes your way too. Nothing you can do with the black swan of a Trump trade tweet. This tweet took out a lot of people. There is a guy on reddit in for $160K on SPY $310 puts expiring Monday.
https://www.elitetrader.com/et/threads/will-new-tariffs-hit-on-dec-15-vote.338617/#post-4977344 I went long yesterday in Mar vol (work) but figured I had a day to cover my short deltas and trade into a bull diagonal. I had long futures on the above (post 167) or I would've been out 8K net (competition, not work).