211: Iron Butterfly Strategy - 8 Tips Before Your Next Trade
The Option Alpha Podcast
Adjusting Iron Butterfly - The Absolute Key
The key is that you get all your positions off, however they come off in fullimpart. We've dedicated entire podcast episodes to adjusting and going inverted. So let's say we sell an iron butterfly by selling the at the money, 50 dollar strike call and 50 dollar strike put. Now let's assume that the stock starts rallying up to 55 dollars. The stock has gone up in value, which is starting to challenge the outside wings of our iron butterfly. Remember, we want the stock to stay generally range bound.
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