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Which broker do you use to trade?? TOS lets you simply click on "butterfly" and you specify the width..Problem is for underlying like the SPY,the widest fly you can get price and greeks for is 4 pts wide.But every 4 point fly is shown with the greeks.I wish they would let you do custom widths...

Naked short vol...

What do you mean you are calculating the combined greeks manually?

Trust me.I have lived the short gamma nightmare and barely lived to tell... Have you met my friend Mr Wings??

On a 1-10,how evil are long Calenders,Butterfiles,etc :)

You are assigned on your short ITM options,you exercisec your long ITM option.. You are choosing to not trade out of your position on expiry,so you will be assigned on your short call,and you will exercise your ITM put.You are correct,you will be short assuming you had 1 put,1 call for every...

Whichever one has the tightest bid offer spread.. Same risk,same return.. The days of one spread being mispriced relative to the other,went the way of the dinosaur

Wheezoos point about the bid offer spread is a very good one. If the call vertical of a 15 point box is trading at 14,the put vertical will trade at 1..Most likely the put vert will be a tighter market(in dollars)

No difference,read up on box arbitrage..Only consideration may be dividends.

I saw Dest liked your post,but I don't see how a 2/3/1 fly benefits from a spike in vol as it approaches the short strike..Does not compute..ATM flys get cheaper woth spikes in vol..OTM increase. Imho,his bet had zero to to with Vega and everything to do with a delta move to his sweet...

Play around with Kelly Formula and see if you can live with the volatility.. If nothing else you will gain a bit of insight on what you should theoretically wager

Im a born and raised NyC guy,love Pizza and found Delray to have some pretty good pizza..

Hey,I only said I wouldnt call it a structural edge,and thats just my opinion.Others may feel that is a structural edge and feel I am way off base..And I would take Bills opinion over mine,7 days a week and twice on Sunday:)

I would not call that a structural edge in any way...Any body can do it,and it's far from riskless.Watch the Big Short.. People like buying dollarized debt im emerging markets for the increased yield and not hedging out convertability and default risk.. That's not a structural edge... Better...

Thats a very good question,and I can promise you its not about leverage,and its not about term structure .Its a one week competition,you arent trading term structure and returning 50% in a week.... Fyi,I am not saying he doesnt have some sort of edge.D likes to use terms that sound really...

Words cannot describe how much I hated the Bulls...

Dest is one of my favorite reads,hes clearly a smart mofo,but dont bite on his "structural edge" talk...

I knew what you were getting at...Regardless,thats one helluva side hustle

Wait...what??? trading 5 NQ contracts will gross 5-6 mil per ???

Its really just a ball park comfort level..If you run a rough and dirty 5% move in the stock/index price,you can eyeball the option chain and see how your spread moves x percent up/x percent down..Only you can decide what Risk Reward ratio is best for you..