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Any thoughts on the edge 231 v 121 ... maybe Des could chip in as a 231 seems to be a 'Pitchfork' with long wings ?

If you have an option chain you can approximate SD move to expiry as ... 1SD = ATM straddle * 1.25

I thought synth combo would be +700p / -700c ... in which case P/L similar to short stock

Pros-Cons of Stock v Synth Combo ?

Sosnoff has some size in Tesla to sell you ... his biggest position ... and he's been short all the way up !

Thanks for sharing Wondering what the edge is in trading | 231 | +2 3175 x -3 3225 x +1 3325 ... against the regular fly | 121 | +1 3125 x -2 3225 x +1 3325

Equally useful would be to dissect into Flies / Spreads +2 x -5 x +3 ... whether iron or naturals can be seen as +2 x -4 x +2 Fly -1 x +1 Vertical Then you can prioritise trade management

3200c - 3200p Guts strangle synthetically equivalent to 3200p - 3200c strangle 3200c - 3200p Guts strangle trading for 105 What should 3200p - 3200c strangle be trading for ?

Another example ... say you are short a 3200-3300 Guts strangle ... short 3200c - short 3300p Guts strangle trading for 105 You have a policy of not holding short strangles when premium less than 10 Do you hold or close the strangle / why ?

By dissecting the position into components with different sensitivities to say Delta / Vega By prioritising risk / opportunity if you have or change your view on market direction / vols

There is no one particular Position Dissection ... just one that works for you I have the position as +1 x 32-32-34 Fly +1 x 34-35-36 Fly -1 x 32-35 strangle

You seem to have a pretty good handle on the synthetics ... I think RiskArb had a thread some years ago where he morphed short straddles into flies Let's take a hypothetical example, say you ended up with the following position -2c 3300 / +2c 3400 / -1c 3500 / -2p 3500 / +1p 3600 How would...

The 3200-3250-3300 Iron Fly is already a relatively straightforward trade. However, depending on whether you have / change your view on market direction / vols, you could see the position as #1 short 3250 straddle v long 3200-3300 strangle ... either of which could be traded to modify the...

I often see other people's trades that have been legged into over time where they end up with units at many different strikes in a single expiry ... One practical use of synthetics / flies / dissection is that a 'complex' position can usually simplified into some sort of combination of Flies /...

No it doesn't ... we have discussed before ... Put-Call Parity only holds for European Exercise Style Options ... and not American Exercise Style Options with Dividends such as SPY ... From John Hull ( Options, Futures and Other Derivatives )

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... but TastyTrade have suggested that at least she didn't steal as much money as JP Morgan

Put-Call Parity does not hold for American Style options with Dividends https://www.elitetrader.com/et/threads/when-p-c-parity-does-not-hold.335059/

Karen the SuperFraud once again appearing with Sosnoff on TastyTrade again today ... pitching to appear in her upcoming book and film ! Nicole Kidman to play Karen Tom Cruise to play Sossy I kid you not ... they are still giving her air-time

For some reason they default to selling 1 SD strangles ... when every study they produce shows that ATM straddles outperform If it moves ... Sossy sells it ... which is why he ends up with positions in over 80 different underlying instruments ... and often cannot remember what positions he has...