Buying Swing: buying SPY 195.50 calls at .63-.69 area same

[MMASSASSIN]

Buying Swing: buying SPY 195.50 calls at .63-.69 area same contract amount as the 196.50 calls this creates a cOB call open body butterfly. we are down an oversized on the first 196.50 entry and now we try to catch a falling knife but if we fall any more we double short the 196 calls to create a credit risk butterfly.

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 !!