We’ve got a 30 point move now, so what we are going to do is roll the call spread of this butterfly higher.
So it will, in effect, turn from an iron butterfly to an iron condor.
This can be executed through a “butterfly roll.”
Buy Apr 1850/1900/1950 Call butterfly for 20.70 or better.
If you aren’t getting a fill, split the trade up into the 1850/1900 call spread buy and the 1900/1950 call spread sale.
If we see a move to 1910 we will hedge off some upside risk, either by rolling the call spread higher once again, or buying some upside butterflies to reduce risk.
Looking to be in this trade for 2 more weeks.