Slow tape day, figured to start a discussion on the short butterfly volatiltiy strategy. For me, I view such trades as a credit-spread approach to trade volatility on high premium stocks before major news events. Yes, you need to plan the position carefully and granted, the payoffs are less, but IMHO I'd rather take in a smaller credit than pay high prices for a debit straddle/strangle going into a news event especially that premiums/vol are increased. Anyone care to chime in on this strategy? I've done a few short flies (for real) with decent results......what say others? We now return to your slow-moving Friday tape.