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March 8, 2016 at 12:39 pm
#4893
Steven Place
Keymaster
@faz, this is a little complicated to understand but bear with me.
This is the delta of an iron condor over time.
Notice that as time goes on, the directional exposure of this position decreases on an absolute basis.
That means over the next few weeks the charm (delta decay) will take care of a lot of the risk inherent in the position.