With the massive rip higher in the RUT, our butterflies have taken a hit but the calls picked up have hedged perfectly. Overall the trade is up about 4% right now.
Next thing we will do is close out the call buys and add another round of iron butterflies to the trade.
Sell to close IWM Jul 105 Calls @8.80
Sell to open Jul 1140/1180 call spread for 16.70 or higher
Sell to open Jul 1140/1100 put spread for 15.00 or higher.
This puts us into one of those goofy batwing trades.
A move to 1160 and we will add a third round of butterflies.