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July 1, 2014 at 9:08 am
#2149
Steven Place
Keymaster
We are going to do one more butterfly roll. This trade has effectively converted into an iron condor trade
Buy to open Jul 580/610/640 call butterfly for 8.50 or lower.
What the butterfly roll does is it it closes out the call side of the trade and opens it higher.
It cuts our delta in half and increases our theta by 30%.