RUT May Iron Butterfly Adjusted to Upside
The upside adjustment for the May position filled for $7.30 debit. Adjustment details are below:
BOUGHT RUT May 1360 Call, 35.70 debit.
SOLD RUT May 1410 Call, 9.60 credit.
SOLD RUT May 1380 Call, 23.20 credit.
BOUGHT RUT May 1430 Call, 4.40 debit.
Net debit (all four legs): $7.30
The graph of the adjusted position is below:
RUT May Iron Condor after upside adjustment:
The position summary after the adjustment is as follows:
SHORT May 1380 Call
LONG May 1430 Call
SHORT May 1360 Put
LONG May 1310 Put
LONG May 1460 Call bought at trade entry to cut position delta.
The position is now a 20 point wide Iron Condor.
The next adjustment trigger point will be either short strike, depending on overall position status and market conditions.
Trade updates will be posted as appropriate.
As always, stay keen on your risk management and trade carefully,