No no no. It was contrasting equal initial deltas on duration. It was in no way meant to be traded--any of it. Read the exchange again.
I read and read the fly threads, backtested a few 1/3/2 scenarios but was never able to find a way to trade 1/3/2 profitably. My conclusion is to be profitable one needs to have a very good understanding of options, which I lack.
Don't be surprised if google will steer you into this forum. Anyway I'll volunteer to take on the embarrassment. If you have a bullish bias for example, do you use the upper setup and set it so the -3 peak is where you expect the UL to be? Or you set it so the peak sits a bit lower than that level? I understand that there is more to take into account than just that, but for mere mortals who don't speak Greek, is this a good starting point?
Guys, he has posted over 1000 trades on this site. He has answered so many questions, why are we still posting 132 directional flies? @ironchef why do you keep downgrading yourself? I always here you say "us retail" or "I am so stupid". Take the time to learn the basics. I had 0 clue what @destriero or @Kevin Schmit were talking about when I first got on this site . + your not stupid but if you continue to say stuff like that.........
True, Destriero posted a ton on the fly subject and I spent more than a month trying hard to digest the information. I don't know about others, but for me his explanations are too cryptic. I'm sure the few speaking his language don't even need those things explained, but many of us are still struggling to figure things out.
Have you read his atticus and riskarb journals? I found those to be less cryptic and enjoyable reads. I think in his older age he's becoming more Shakespearean. Someone should start a thread where we break down his sentences.