Igor, I have a few questions about this trade. In the past you have talked about buying hedges that are further out in time than your IC strikes to minimize the time decay relative to your IC yet this time you are going with the same expiry. Why are you using this expiry? The short strike on the call side is not yet at 20 so why have you chosen this time to add the hedge? Is this done because of the pullback in SPX today enabling a cheaper entry into the hedge? Can you diagram your calculations of net delta and review why it is important? I’m still a bit unclear on that point.
Thanks