I was making an informative thread of possible results of butterfly positions during volatile markets, but as usual, no one could intelligently respond to the post because they know I'm right, so they turn to ad hominen alternatives. Very typical of elitetraders. But I described all your scenarios to the dot. If you're hedging every swing of your fly, you're not making much, if anything at all, since the hedging costs are drinking away your juice. If you don't hedge but just "sit and watch" with a stubborn attitude, then you're just riding a roller coaster with your P&L and hoping everything magically pans out at expiration regardless of what's going on in between. But with that kind of discipline, you probably *should* continue to trade these things because you're a trader who never adjust your errors, and only the wings save your butt when you're wrong. Or if you're not doing flies but "iron" condors with very wide strikes, then you're just tying up a lot of capital for barely pocket change. You may be taking minimal risk, but you are also receiving minimal gain (or perhaps even none). Almost akin to investing in treasuries. So some of you ask what do I prefer to trade? Something that's very suitable for these times. It's right in front of you. If you're that perplexed, play scrabble or learn to identify backward appellations. Read and learn.