Hedging defined risk strategies

Is there any point in delta hedging defined risk strategies such as ICs or are they generally only Vega/ Gamma hedged?

 

Of course there is a point..
But keep in mind there are different approaches to trading defined risk strategies...

Some may risk 1 to make 3 and stop themselves when they are down 1...

If it's a cheap fly/ calendar,you may opt to punt and let the spread go to your target...

If I trade a fly with a large debit and skew edge,I most certainly Delta hedge....

 

I would say no because i The trade no longer becomes defined risk. But I still do it all the time.

 

Also depends on how you are defining Delta hedging.

Are you strictly referring to adjusting with the underlying or also including rolling/purchasing/selling of options..

If you are in a wide condor,you can adjust your short verts distance and effectively the Delta by
Buying/Selling flys..

 

thats a good point. Fixed premium can mean a lot of things. If you are long the body of a fly and short really wide wings, then technically it’s fixed premium but practically it’s a naked straddle.