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lol, I'm gone for 2 days and all hell breaks loose on this thread :D but we've seen this all before...yawn. I know the question wasn't directed at me but I put on diagonals 1:1 due to the margin requirements you allude to but normally look to get it done for a very very very very small debit...

You're not turning your spread into a butterfly, rather you are combining your existing spread with a new butterfly to result in a new position e.g. short vertical 1218/1217 + long butterfly 1218/1217/1216 = short vertical 1217/1216 Hope that makes sense. You can use other similar...

:confused: lol, not sure about your logic there but then I have an IQ of about 3 and you've written a book so I'll assume you're right. Good weekend to ya. Momoney.

You can! but you can ONLY adjust by the width of your spread e.g. 5 point spreads can be adjusted by 5 points by buying or selling butterflies. 10 point spreads can be adjusted by 10 points (as in your example) and 15 point spreads can be adjust by 15 points....but! you might not want to adjust...

Yes. Momoney.

Most of the adjustments I've seen you make aren't compatible with butterflies for adjusting due to the width of your spreads - they end up overlapping. I personally use 5 point credit spreads for this very reason amongst others (we won't go over the many pro's and con's again) I've always got...

Under different IV, time to expiration, spread width, this can be substantially different...so not sure how useful this is as a guide for you. Momoney.

Btw, you can chart the premium of S&P futures to spot price by using $PREM or $SP-PREM or $PREM.X etc. depending on who you're using. This is can be useful for piggybacking/playing arbitrageurs buy/sell programs if you're doing e-mini day trading. Momoney.

LOL. Yes, up and down like a tart's knickers. Could've taken advantage of the upswing to cover your short puts for a little profit and then when it "inevitably" swings down in the afternoon (grrr...) take some profit on the remaining long leg - but depends on width of spread. The intraday V...

Parisd, I don't want to hijack Phil's diary thread lol, I see your logic and I see what you're trying to do. The deltas on the futures are much larger than the spread. The spread is already a partially hedged position. There is a school of thought that advises against hedging a limited...

I'm sure you know, but for those that don't, there are limits to how much futures can move in one day. For ES, I believe it is 5% of previous settlement price which would be roughly 60ish? As an aside, if you are unfortunate enough to be long futures in an event like this (lock limit) be sure...