Having trawled through threads in search of wisdom, one participant (with more than one username, spanning several years) has shared a whole lot of useful commentary on ET. In summary: I've researched and modelled this for a few days and it seems sensible to take the discipline that I already use for far-dated OtM credit spreads, and invert it for OtM debit spreads. Many thanks for taking considerable time to share lots of useful info @destriero
Andy There's also a discussion on aspects of trading OTM flies on the FTSE in the Siggops Group ... if you search for ... "FTSE Road Trip" ... "Think like a butterfly, trade like a bee" ... etc Cheers James