As expected, we got a continued up move today in RUT. This gave me a decent opportunity to roll my 710 butterflies up to 750 and that’s exactly what I did. In addition, I decided to increase the trade size to 7 contracts which means that I bought an extra 750 butterfly as well as 1 additional IWM call. After the roll to 750, our Delta was increased and to deal with the increase in Delta, I added 2more IWM calls.
The position now stands at 3 – 730 butterflies, 4 – 750 butterflies, 7 – 68 IWM calls and 2 – 72 IWM calls. The position is up around $250 and is looking fine 🙂
The Bearish Butterfly remains untouched, it is up around $130 and has an add point when the market exceeds 790. I like this one too!
I’ll keep you updated with any changes.