volente said more than once ,he takes the fat calls and puts in spy,(paraphrasing)they take it down and fatten the puts, then up and fatten the calls, short both and then narrow the range into exp and funnel the price in between those strikes
well that 116 bond that went to 141 went to 111 first,dunno how he played avging and heat,old option traders always keep hedging,have big daily pnl swings and ride to exp and roll,,usually spread over several months