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September 19, 2013 at 9:54 pm
#2239
Keymaster
Due to the Fed rally, we got a big move up to 43, so we are going to add another 1/3 to our position:
Buy 7 Nov 46 put
Sell -14 Nov 43 Put
Buy 7 Nov 40 Put
Debit: 1.05
What this effectively does is close out the high end of our put butterfly and rolls it to a put condor

A move up to 44.50 will trigger the 3rd addition to this trade.