10/01 RUT Iron Butterfly

RUT contingent orders kicked in and protected the trade as the market crashed down. By the end of the day I decided to add a small butterfly to take advantage of the volatility pop, increase the position’s theta and cut some of the deltas. Should it continues to move down Tomorrow my plan is to hedge and do a vertical roll to get rid of some of the delta hogs.

I looked at the VIPES chart and don't quite like what I see, notice that we had 3 days with over 1 st. deviation in the past 2 weeks! That's a sign the market may be getting too hot to handle once again...