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4-8 weeks for condors.. Or does this apply to flies as well?

This is true. I dug into the forums and studied a lot. For years, idk if ppl know (better if they don’t) but ET old threads and even still to this day had/has some of the best gems about trading/option you’ll ever find on the net. It’s free and worth more than these discord’s will ever be.

flys are slow moving too, though... that’s what makes them so attractive, you slap on a few flies and notice your day to day var is low. Maybe this is why MM’s books are filled with flies. But I get what you’re saying with the condors.

@OptionsOptionsOptions gets it. also in my above post I said the straddle is another interesting “spread”, wrong term, I meant structure.

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I don't think they were designed to take into account the "chaos" and "random walk" elements you speak of. Yet, when I think about it, pitchforks, gann fans, and elliot wave actually do lay out a format for the chaos. But first lets define chaos? Whats "chaos" or "random walk" in the stock...

Lets think about it for a second. A butterfly is one of the more interesting spreads. Why? Well for one, a butterfly is just a hedged straddle. The straddle is another spread thats more "interesting" than the rest, why? Because the ATM straddle is the markets way of pricing the magnitude of...

Its a symmetrical fly (90pt widthwings), so your exposure is on both up/downside. Also, iron flies are initiated for a credit. And tao didn't specify but i'm assuming his iron is a 121?

Lets say $FFF spot is $1.00 Lets say the $1 call is worth $1.55, is this possible? Only reason I ask is because we know implied vol can go above 100%, and i think Haug or someone proved option premium "could" in theory go negative. Negative premium. Jeez, i'm bored. lol

Don't worry about the noise. Being on this earth for 30 years one thing is very apparent. People will always bicker, and yap. William Burroughs called it a virus.. heres the quote: "The 'Other Half' is the word. The 'Other Half' is an organism. Word is an organism. The presence of the 'Other...

People in these forums always talk and know Desty innerstands synthetics more than the next man. As well his knowledge of microstructure. It is a coincidence one of his go-to's is the fly? Buying at the bid, selling at the ask, and trading delta-zero helped profit off of butterfly's, box's, and...

Options on penny's, oh lawd. Hmm, would it be possible for the premium of an option on a penny stock to be worth more than the underlying?

currently @ 61.10

but here’s the thing, let’s say he doesn’t annotate it. you could spot the outlier, yet it’s not the outlier he was referring to. Thus, each individual trader has his own “edge” he perceives vs others. Interesting. Unless we are looking for specifics.

As you said, all fly spreads are equivalent. Choosing the iron over the natural can be due to being filled/microstructure. Also depending if you want to initiate the spread for a debit/credit. And you're correct about the floor traders, i mean it couldn't hurt to have that experience. Desty...

you're right.. I was assuming we were talking ATM flies since thats the "standard". But we can get into OTM flies!

while this is true.. something just doesn’t sit right when I see a stock literally implode after I sell. Chilling, I can’t shake it. I have profit targets, but when I think about if I just didn’t close, “woulda coulda shoulda” creeps in again smfh

right, The higher the implied vol, the cheaper the fly will be. the cheapest fly is the best fly. Cheaper butterflies have the lowest dollar risk and widest B/E range (R/R).

Originally posted by @Corto

Just saw this thread, lets get some examples flowing. I've been trading and studying the fly for a year and a half/two years. IMO, its one of the most efficient structures you can accumulate in your book. Not only is the butterfly an optionality-play, one can use its structure to measure the...