You've discredited yourself. "non-directional" straddles are not the "default" construction. Skew: You're looking to get long exposure to SPX cash. The ATM vol is 12. The 25D P/C risk-reversal is quoted at 16/9 vol. You buy the +40D straddle at a vol of 13. SPX rallies 10 points and you're up on delta and skew. Your straddle strike is now printing 14 vol. An edge on skew.
I'm sorry I got sucked into this pointless discussion. I should have known better who I am dealing with. I guess if people like you are considered experts here, then there is not much left to say. But then again, when people are using personal attacks and insults to make their point... I guess "every country deserves its leaders". This style of communication would get you banned from SteadyOptions forum a long time ago. It was a complete waste of my time. I understand that for some of you there is no better use of your time, but for me this is not the case. Have to make money for myself and my members. Bye Bye.
Rob is here in a professional capacity, so he probably can't comment. However, between myself and @destriero there is probably 40+ years of volatility trading experience, across various asset classes and market regimes. I myself am running a fair bit of capital as a PM at a major fund. So I suspect that we know what we are talking about, at least somewhat. A lot of people view 1x2x1 butterflys as directional volatility strategy. I believe @destriero has a whole thread about it. In an case, I am sure you are not interested. As I said, if you are trying to prove that you are the only one with the holy grail, please give us an example of that sacred knowledge.
What's the matter with you? Is this what you've become, a Hollywood finocchio who cries like a woman? "Oh, what do I do? What do I do?" What is that nonsense? Ridiculous!