SPY


Call ORDER (Tree)

Call Risk

Put ORDER (Tree)

Put Risk

TOTAL RISK CALL AND PUTS (Total Debit $0.02)

ADJUST CALL SIDE ONE

REMOVING UNLIMITED UPSIDE RISK, INTO BWB

PUT SIDE CONDOR ROLL UP

CURRENT RISK

Additional Adjustment

We are getting TESTED on the upside butterfly so we are going to dismantle it and repair the upside blow out risk.

this is selling out the DEBIT SPREAD - and rolling the Credit spread to a back month.

what this does is lock in a fast gain on one side, and buy us time to deal with the small credit spread.

The outer wing in a butterfly spread or BWB is typically a smaller credit then Risk, and once rolled to the back month slows down tremendously, this adjustment is to add time to think-

Corrected upside effect on risk graph

Rolled for .14 cent credit sold for .99 cents (2.29 - 1.30)

Bot back

Covered Tail Risk to free margin.

and the rest is three series of vertical roll downs in a vertical to lock in gains.

Left Overs

Fin.