211: Iron Butterfly Strategy - 8 Tips Before Your Next Trade
The Option Alpha Podcast
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How to Close an Iron Butterfly Position
The important thing to remember when you leg out of the position is that you still have other positions in place. You could just simply buy back those inside strikes and let the outside strikes expire worthless. Now this would only work if the outside strikes have no value, whatever. It probably happens much closer to expiration. But like i said, some traders like to out by only closing the inside strikes which are really the valuable portions of your iron butterfly.
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