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Do bullish butterflies always need to be out-of-the-money? No. Is there ever a situation where it makes sense to initiate the bullish butterfly spread where the long call at the lower-strike price is ITM? Yes.

The S&P500 and TSLA positions closed yesterday in profit. Trade date: 15 February 2022 Security: SPX Price at opening: 4452 Direction: Put Expiry date: 18 February 2022 Strikes: 4340 / 4380 / 4420 Structure: 1 / 2 / 1 Opening Spread: 2.95 Close date: 16 February 2022 Trade duration: 1 Closing...

Opening orders for TSLA Put fly filled after I added trades here yesterday. Trade date: 15 February 2022 Security: TSLA Price at opening: 913 Direction: Put Expiry date: 18 February 2022 Strikes: 860 / 880 / 900 Structure: 1 / 2 / 1 Opening Spread: 2.00

Added Put flies for expiry on Friday. Trade date: 15 February 2022 Security: SPX Price at opening: 4452 Direction: Put Expiry date: 18 February 2022 Strikes: 4340 / 4380 / 4420 Structure: 1 / 2 / 1 Opening Spread: 2.95 Trade date: 15 February 2022 Security: RUT Price at opening: 2060...

Remaining closing orders on the Nasdaq Fly filled just before close yesterday in profit. Trade date: 14 February 2022 Security: NQ Price at opening: 14378 Direction: Put Expiry date: 16 February 2022 Strikes: 13920 / 14070 / 14370 Structure: 2 / 3 / 1 Opening Spread: 41.50 Close date: 14...

Opened positions on S&P500 and Nasdaq earlier today. Closing orders on NQ partially filled and SPX closed out completely. Trade date: 14 February 2022 Security: NQ Price at opening: 14378 Direction: Put Expiry date: 16 February 2022 Strikes: 13920 / 14070 / 14370 Structure: 2 / 3 / 1 Opening...

Trade date: 07 February 2022 Security: SPX Price at opening: 4504 Direction: Put Expiry date: 09 February 2022 Strikes: 4420 / 4450 / 4510 Structure: 2 / 3 / 1 Opening Spread: 9.70 Close date: 07 February 2022 Trade duration: 0 Closing spread: 11.20 Profit / (Loss): 1.50 Profit / (Loss): 15.5%...

Closed out at a profit 20 mins after opening! Trade date: 11 February 2022 Security: SPX Price at opening: 4488 Direction: Put Expiry date: 14 February 2022 Strikes: 4405 / 4435 / 4495 Structure: 2 / 3 / 1 Opening Spread: 9.50 Close date: 11 February 2022 Trade duration: 0 Closing spread...

Popped a Put Fly on S&P for expiry on Monday. Trade date: 11 February 2022 Security: SPX Price at opening: 4488 Direction: Put Expiry date: 14 February 2022 Strikes: 4405 / 4435 / 4495 Structure: 2 / 3 / 1 Opening Spread: 9.50

A summary of the the last 50 trades (most of which are on here): Win rate was 80.4%. Average profit was 28.3%. Average loss was 69.1%. Net / aggregate profit was 9.2%. Average duration was 0.9 days Sharpe was 25.6% Annualised return - at portfolio level - is 284% The last 10 trades have all...

Closing orders filled on the dip at opening yesterday in profit. Trade date: 09 February 2022 Security: SPX Price at opening: 4573 Direction: Put Expiry date: 11 February 2022 Strikes: 4490 / 4520 / 4580 Structure: 2 / 3 / 1 Opening Spread: 10.30 Close date: 10 February 2022 Trade duration: 1...

Another Put Fly for SPX for Friday expiry. Trade date: 09 February 2022 Security: SPX Price at opening: 4573 Direction: Put Expiry date: 11 February 2022 Strikes: 4490 / 4520 / 4580 Structure: 2 / 3 / 1 Opening Spread: 10.30

Bought a Put Fly on S&P500 yesterday, which closed near the end of the session in profit. Trade date: 07 February 2022 Security: SPX Price at opening: 4504 Direction: Put Expiry date: 09 February 2022 Strikes: 4420 / 4450 / 4510 Structure: 2 / 3 / 1 Opening Spread: 9.70 Close date: 07 February...

As markets dropped yesterday the S&P500 Put fly opened on Wednesday closed in profit. Trade date: 02 February 2022 Security: SPX Price at opening: 4557 Direction: Put Expiry date: 04 February 2022 Strikes: 4475 / 4505 / 4565 Structure: 2 / 3 / 1 Opening Spread: 9.10 Close date: 03 February 2022...

A busy day yesterday. From #152, the remaining closing orders didn't fill on this, but a sufficient quantity of less ambitious orders filled, that I escaped without significant loss. Reconfiguring in this way should reduce instances of total loss. Trade date: 31 January 2022 Security: SPX...

Two opening trades filled yesterday for expiry on Friday. Trade date: 01 February 2022 Security: RUT Price at opening: 2044 Direction: Put Expiry date: 04 February 2022 Strikes: 1975 / 2000 / 2050 Structure: 2 / 3 / 1 Opening Spread: 7.70 Trade date: 01 February 2022 Security: NFLX Price at...

I'll be filtering out more trades where my expected return is not sufficiently higher than my target return, which should result in fewer trades but higher profit.

Placed a short butterfly on S&P500 yesterday, expiring tomorrow. Most closing orders filled a couple of hours later yesterday. Trade date: 31 January 2022 Security: SPX Price at opening: 4481 Direction: Put Expiry date: 02 February 2022 Strikes: 4380 / 4415 / 4450 Structure: 1 / 2 / 1 Opening...

A frustrating couple of days. Closing orders on the SPX position at 33 didn't fill after the spread moved to 31 early yesterday, then the index rose above my 'soft-stop' prior to opening so I closed the position at a loss. It turned around and the (now closed) position moved back into profit...

Orders filled to open a short fly position on Nasdaq prior to the Fed announcement, and closing orders filled just afterwards, in profit. Trade date: 26 January 2022 Security: NDX Price at opening: 14446 Direction: Put Expiry date: 28 January 2022 Strikes: 13830 / 14030 / 14430 Structure: 2 / 3...