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LOL.....I have no idea why a directional fellow like you is getting involved in this madness

I take back everything I said about MSFT..Please forgive me

In the real world you can only get a profit line above one of the wings...at a cost...

He covered both short verticals,and is now synthetically short the OTM put spreads at most likely pennies

Ok,so you were long the flys and closed out the short 64-68 call spread,leaving you long the 60-64 vertical..What did you pay for the 64-68 call spread?? What did you pay for the fly?? You may have locked in a loss.. Im guessing you were trying to cover deltas,but thats not the way I would go...

Does not compute... I am guessing you are long the flys,and assuming they are call flys.. What is a challenged wing?? Im guessing the upper strike wings?? Why would you blow out of your long wing as the stock gapped up?? Did you want to get short?? Your sweet spot is 64,as I believe you are...

Im long the 227.5 and 230 calls going out tomorrow..Its a punt,and I legged the butterfly for a small credit..This year I decided to punt more and not grind it out..

Guys a colossal douchebag,but here's the thing .He came exactly as advertised.6 chapter 11's,OPM except for the first,4000 lawsuits over 30 years,and if there is a way to take a pound of flesh from his creditors,he will find it.. Guy couldn't figure out Democracy isn't a beholden creditor,but...

FWIW,I am about to lose yet again in MSFT....Every %÷÷×ing week I come within a "pubic hair"of having my Flys hit,and every week I go home a weepy loser...

You couldnt get a side gig doing security???

FWIW, I tend to trade in a very similar manner to you ( asymmetric bets),but have been shifting towards more neutral positions with higher theoretical edge and taking a moderate Delta stock..Jury is still out :)

Why the distinction between directional vs neutral??? Neutral is a direction ... Or why not go with neutral if that is where the edge is and simply adjust your Delta with "Shtock", cheap verts or whatever floats your boat??

Love the concept,used to live by it,but I have found "gut trading" short term verticals to be a better approach.. As painful as it is,I buy in all my pennies,and I buy in short verticals for pennies... 9 days and in,if I am trading any type of fly structure,I don't even look at vol..

My experience is the next time I make money from riding with sticky Delta will be my first :)

Play around with different "widths",differing long wings and compare cost,risk/reward.. Assume sticky Delta and eyeball what happens on varying moves up and down..

1x3x2 doesn't necessarily imply broken or skip wing.. What often happens is you may choose to "widen" the strikes between your long leg and short midde vs a pure 1x2x1,and to keep the debit down,buy a further OTM wing.Syntheically you become short that embedded vertical.

If you understand verticals,it should be relatively smooth sailing

Have no idea if he can trade,but he's a super nice guy

Chef,it doesn't seem like you intuitively understand the subtle differences,and part of it is that you haven't traded a ton of them Alot of this is a feel one develops as well as an ability to spot a relative mispricing. Looking at the 100/105/110 fly vs the 100/110/122.5. 1x3x2,what factors...

Neither structure is inherently better,it is really a question of relative pricing and ones assumption on price distribution and "stickiness"....