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Vomma is one of the more important higher order greekz I also look at zomma, and a few others. But mostly vomma and zomma. Never in my life would I think I'd write a sentence like the one above ^^ lol Anyway, vega convexity gives one a better idea of the stochastic process in general. Its...

thanks for not listening to this dudes weak advice!

very nice trade! Loooking forward to your trades, I may piggyback!

Overnight.. you can’t be afraid of optionality forever... convexity is your friend my friend!

Yes @BeautifulStranger you've been an immense help in this thread. The goal is to build a foundation, and learn more than I knew previously, that's all. Yes butterflies are as old as mankind, and I'm sure the vets been trading them in the wombs, we get it. But for us who still would like to...

What was the exact tweakage of your formula that changed the bands to fit your parameterization?

Where did you get this formula from? Of all the time I've allocated to studying butterflies I"ve never come across it. I came across a quote from a ET vet I follow whos' knowledgable about flies "momoneythansen" or some sh!t. He said something of the sort, "enter @ a premium of at least 10%...

Payoff=max[0,(St-X)] or (St - X)+

Thank you! This is extremely helpful!

You should re-read the thread old man, wheres this begging you speak of? New, just because topics have been discussed before, doesn't mean we can't keep on discussing them and creating new ideas and help each other. I actually enjoy your posts, new.. but this one was a waste sadly, expected...

Tail funds aren’t designed to catch the right side of the distribution. Think of it like synthetic puts in an index. It’s more so designed to compliment a long risk portfolio.

thanks!

Is the market closed today or some shit? My quotes aren’t quoting on TOS

I'm trying to isolate or interpolate pt-1.... I need to use an options "speed" via LAMBDA, this hurts my head broski

Are 132 flies supposed to be initiated for a credit or a debit? Or does it matter? I'm a little confused still like a little sheep. I skip-striked this $GDX call fly. $GDX had a nice move up yesterday. I'm bullish/neutral. $VWAP is around $28 so lets delta bucket peg that bish. 26/28/32 @ -1.14

I don't think "worship" is the right word man. Definitely don't worship Dest lol, I don't worship any man, except Enoch.. you know the Metatron dude lol But yes his posts literally fry my brain but I feel like I gain 0.0005% of some gems within his cryptic optionality.

”You could think of a fly as a combination of two wide european digitals - you can be long both (if you are pinning the forward) but also you can be long one and short the other, which makes it a directional trade.“ - @sle Found the quote! @Same Lazy Element

Jesus guys, get riskarbatticusconvexxdownprufdestreriopoopydeek in here for heavens sake. I need some fly guidance. @Doobs789 @Same Lazy Element please add any insight on fly knowledge. sle I read somewhere where you compared a fly to some exotic option. Forgot the exact one, like a digital...

I want to discuss the duration of fly spreads? What's really optimal, if any? Anything >30 days is a pure gamma trade, anything beyond that and Vega convexity plays a role. I see Dan Sheridan initiating butterflies with 45 days to expiration (DTE), also tastytrade advises this. They also...