Going to close this for a small loss here.
The total intent of the trade is to enter around 60 days to expiration and close with around 30 days.
Because more time has gone on, the cost of adjustments and rolling starts to increase significantly. It’s simpler to just bail and move on.
Here’s final risk in the trade:
Orders:
Sell to Close May 1050 Call @46.70
Sell to Close Apr 980/1030/1080 Put Butterfly @10.5
Sell to Close Apr 950/1000/1050 Put Butterfly @5.80
Now as a quick lesson… if I did want to try and hold it, all I would do here is buy the 1000/1050/1100 butterfly. What that does is basically takes the lower butterfly and converts it into a condor. I’d keep the hedge on.
This would basically increase delta by 3x but also bring theta from slightly negative to massively positive.
Then if the market ripped I’d close the call hedge and then buy the 1030/1080/1130 fly. This would convert the second butterfly into a condor.
Doing this would also increase total risk in trade by 2x, which is not something I’m comfortable doing.