If you have to inquire about the price you can't afford it. If you have to ask what to do, you can't afford to trade it.
Whatever, man... Can we pls confine ourselves to a discussion of options here on this forum and leave the crazy stuff for the other places?
my position took another major hit this morning as SLV dropped yet another 5%. -136, may have gotten a bit worse later before recovering some. Unrealized PL in the last several days: -5 > -70 > -54 > +23 > +45 >-52 > -136
FWIW, had you been adjusting the position with each reversal (rolling profitable legs), you'd have a decent profit in a mere few days. Gamma scalping would have been ideal.
He's right, if you had traded the legs around you would have done better, but that's not gamma scalping. It's texas hedging. When the SLV was at it's local high you would be buying back your short put (effectively selling delta, when you are already synthetically short delta and short gamma).
let me see if got this one right: i look at the Short option that does not have much juice left (made me money) cover it and Short the same kind (call or put) but closer to the price SLV is trading at that moment to get more credit.
I didn't mean to imply that they were one and the same. What I meant that adjusting the legs would have worked well. As a separate strategy, gamma scalping would also have worked well (for example, buy a long leg and scalp the UL against it, etc.).
Ah... Being long gamma would have been a good trade; better than the butterfly. but I think he was looking to sell gamma via his butterfly.