Swing trading with Butterflies

Was away for the weekend and didn't add this as it filled after I left my desk, and has already closed today in profit.

Trade date: 30 September 2022
Security: RUT
Price at opening: 1,697.3
Implied Vol 29.0%
Direction: Put
Expiry date: 03 October 2022
Strikes: 1660 / 1700 / 1740
Structure: 1 / 2 / 1
Opening Spread: 13.20
Close date: 03 October 2022
Trade duration: 2
Closing spread: 17.93
Profit / (Loss): 4.73
Profit / (Loss): 35.8%
 
Opened another Russell 2000 Calendar.

Trade date: 03 October 2022
Security: RUT
Price at opening: 1701.2
Direction: Put
Expiry date (short side): 07 October 2022
Implied Vol (short side) 39.9%
Expiry date (long side): 10 October 2022
Implied Vol (long side) 34.1%
Strikes: 1660
Opening Spread: 3.40
 
Opened a Put Fly on S&P500 yesterday.

Trade date: 04 October 2022
Security: SPX
Price at opening: 3,777.1
Implied Vol 30.1%
Direction: Put
Expiry date: 07 October 2022
Strikes: 3670 / 3705 / 3775
Structure: 2 / 3 / 1
Opening Spread: 10.25

Conviction isn't strong on this one.
 
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SPX Fly closed the day after it was opened, in profit.

Trade date: 04 October 2022
Security: SPX
Price at opening: 3,777.1
Implied Vol 30.1%
Direction: Put
Expiry date: 07 October 2022
Strikes: 3670 / 3705 / 3775
Structure: 2 / 3 / 1
Opening Spread: 10.25
Close date: 05 October 2022
Trade duration: 1
Closing spread: 14.40
Profit / (Loss): 4.15
Profit / (Loss): 40.5%
 
Is it really that easy to make such big profits with such 3 or 4 legged butterflies?
I was thinking that the more legs the harder to get a fill.
What broker do you use?
Do you use market or limit orders?
Is this real trading or maybe just paper trading?
 
Don't want to speak for GOT,but it looks like he put the bearish fly on when SPX was ripping,and most likely took it of on morning sell-off on the 5th. He had a nanosecond to get out and looks like he nailed it before the rally off the lows..Well done!!

In SPX or SPY,it's very easy to get decent fills on almost any structure you can think of..Flys are a layup..

Have you traded yet??

Make sure you are with a competent broker with decent commission structure if you decide to trade 4 leg spreads

earth_imperator said:
Is it really that easy to make such big profits with such 3 or 4 legged butterflies?
I was thinking that the more legs the harder to get a fill.
What broker do you use?
Do you use market or limit orders?
Is this real trading or maybe just paper trading?
More...
 
Thanks @taowave

I can't see/reply to E-I but responses would be:

q. Is it really that easy to make such big profits with such 3 or 4 legged butterflies?

a. If it were easy, everyone would be doing it! ;)
Go back a couple of pages and look at some losing trades. Luckily, my wins exceed my losses over time.

q. What broker do you use? a. IB

q. Do you use market or limit orders?

a. Limit orders. @taowave correctly noted an unusually optimal exit but has given me more credit than I deserve, because I stick one or more closing orders on as soon as opening position is filled, and these happened to fill yesterday afternoon whilst I was working on something else.

q. Is this real trading or maybe just paper trading?

a. Why would I bother if not real?

PS E-I you queried my maths a few pages back, but didn't actually acknowledge that it was correct, or offer an alternative?
 
Global OptionsTrades said:
Thanks @taowave

I can't see/reply to E-I but responses would be:

q. Is it really that easy to make such big profits with such 3 or 4 legged butterflies?

a. If it were easy, everyone would be doing it! ;)
Go back a couple of pages and look at some losing trades. Luckily, my wins exceed my losses over time.

q. What broker do you use? a. IB

q. Do you use market or limit orders?

a. Limit orders. @taowave correctly noted an unusually optimal exit but has given me more credit than I deserve, because I stick one or more closing orders on as soon as opening position is filled, and these happened to fill yesterday afternoon whilst I was working on something else.

q. Is this real trading or maybe just paper trading?

a. Why would I bother if not real?
More...
Ok, thx.
Btw, if you can't see my postings then it seems you have put me into your ignore list.

PS E-I you queried my maths a few pages back, but didn't actually acknowledge that it was correct, or offer an alternative?
More...
I participated here indeed sometime ago (otherwise wouldn't get an alert), but don't remember the details.
It seems I must have overlooked/missed your mentioned posting. I'll look back and reply...
But the search function here for locating an old conversation is a nightmare if one does not remember any keywords... :)

Ok, now located the old conversatiom: I had made a reply to you, but it seems you didn't like my reply and have blocked me :)
Here's my posting of then (Sep 4), and I could not find any reply to it from you:
https://www.elitetrader.com/et/threads/swing-trading-with-butterflies.360566/page-23#post-5670126

EI_to_GOT.png
 
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taowave said:
Don't want to speak for GOT,but it looks like he put the bearish fly on when SPX was ripping,and most likely took it of on morning sell-off on the 5th. He had a nanosecond to get out and looks like he nailed it before the rally off the lows..Well done!!

In SPX or SPY,it's very easy to get decent fills on almost any structure you can think of..Flys are a layup..

Have you traded yet??

Make sure you are with a competent broker with decent commission structure if you decide to trade 4 leg spreads
More...
No, thx. I want to specialize myself into 2-leg spread constructs only.
I still am doing more coding & simulations than real trading as not all parts are ready yet.
 
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