RUT Butterfly

Galvinlee888

re:Below is one of the christmas gift:

Buy the Iwm butterfly for Nov

long 72(x1), 76 (x1), short (x2) 74 - you can use either call or put, whichever you can fill up with the cheapest. Max profit when IWM=74 by next Thursday.

For today price: risk/reward is about 1/4

You can use RUT if you have bigger account.

I will revisit this thread next Thursday. Time to win some cash for christmas, good luck."

I'm somewhat new to this forum but not new to trading flies

you were very "brave" to put this trade on at less than..... 10DTE?

the level IV was/is certainly in your favor( relative to the last 15 days)yet if IWM falls(rather than goes up)IV will pop up and you'll need to exit fast.

hope it makes you $$$$

 

The market is not moving up as expected...

I think this is the time to take profit and go, you should be able to close the positions around 0.60 for IWM, a 50% profit, not a bad one ..

 

I am out on the remainder of my SPY fly as well at 2.10.

 

Agree, don't fight the market and take unnecessary risk.

It is always good to take the profit and look for another opportunity

 

I hope u joke. I don't use the traditional cacluations for these either... I look at totals... not just 1 exchange.

http://www.elitetrader.com/vb/showthread.php?s=&postid=3358950&highlight=ignore+futures#post3358950

 

I blew out of mine as well on your advice. I didn't make 50%. I made 34 cents on spending 1.45. On a notional basis, a pittance, but profit nonetheless.

Good call.

 

Huh?

 

You are long spy options... I don't think the market's going to go up ..

 

I earned 25% on debit after comms on the trade. My exits are posted in this thread.