07/16 MNX Iron Butterfly *New*

Today I entered this new position, I plan on managing with the same strategy I'm using while backtesting, it includes a few course of actions that I feel are the best way for me to ease into managing iron Butterflies.

I did not cut the delta in 1/2 with the long CALL, I cut 1/3 of the original deltas and decided to leave it a bit more bearish because of the recent price action, I expect some easing off the tops, if I'm wrong I may add a long CALL sooner than expected. Other than that, here is the Iron Butterfly managing plan I intend to use:

1) Do nothing for the first week, unless we get within less than 1 st. deviation from the short strike
2) For adjusting, use one of the following:
a) Add back-mong (SEP/09 )Long CALLS/PUTS to cut Delta
b) Add small (half the original size) Iron Butterfly to add Theta and adjust Delta
c) Use Vertical Debit Spread to roll "Delta Hogs" (Short contracts with delta of 70 or more)
d) Simply close out "Delta Hogs"