RIMM Double Reverse Calendars

Quote from OptionSeeker:

congrats to both types of positions (bebpasco's and atticus') - interesting that both the reverse calendar and calendar positions made money.

I have a question about atticus' position. With the single calendar spread position, obviously it wants the price to stay in a certain range, and ideally at the strike. But instead of using a calendar, what about using an ATM (iron) butterfly, say for the month of July? This way the position is definitely negative Vega for the IV-crush play.
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Normally that would be the play to make. I took the trade on a bet as some people I know were short the calendar from 2.30.

The safest play was the deep otm short calendar that was traded by bebpasco.

The calendar should earn within the range encompassed by the straddle, provided that the term-structure of volatility is ~flat.
 
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