Selling Swing: Creating an Iron Butterfly by shorting 455

[MMASSASSIN]

Selling Swing: Creating an Iron Butterfly by shorting 455 weekly calls at 1.34 area trough 460 weekly calls at .21-.23 calls 3x oversized that spread. I hate making this trade but I have to protect the very large 455 weekly puts spread short that we still have profits on since we shorted them at 2.60 . The short on 455 puts equal 3x oversized that why this short on calls has to be of equal size to create equal money allocation protection. I believe this is a shake and that should bounce right back up but for incase I am wrong, according to my strategy as much as I hate getting into an iron butterfly right now I have to do it. On the positive side if we have sideways action we can profit from that very strongly. If was to show big strength then now we have a new 460 long position that we could hold if we take a loss on this new 455 calls short. As I send this out the iron butterfly is already working against me with the calls up to 1.44.

This trade is one part of a larger strategy so please look back at Previous posts to see the whole picture. AND IF YOU ARE NEW, PAPER TRADE FOR AT LEAST A FEW MONTHS because this is ADVANCED OPTIONS TRADING !!