01/07 MNX Iron Butterfly - Condorizing sequence

The most interesting part of this job is the mental challenge when it comes to the end game. There are no 1-2-3 set rules, just some guidelines. My goal is to "condorize" my position, moving the short calls and puts as far away as possible from the current price, so that the trade can stand a wide swing and still come out profitable.

While you do some condorizing, it is important to be ready to execute the trades in a certain sequence and without much hesitation, specially if your time is limited and the market is active. I've been giving some thinking and bellow is a possible option, provided we stay at these levels towards the end of day, that will be my condorizing sequence.

Things I learned while condorizing:
1) Take it one step at a time, look at your greeks in the final stage and as well as the in-between stages of the process. Never expose yourself to a large delta one direction or another
2) Consider how easy it is to get filled on some orders. The rule of thumb is single orders are easier than 2 contract spreads and those are easier than 3 or more contract orders
3) Try to keep a balance in the sequence (i.e. intercalate single orders with spread orders)
4) Work to simplify your inventory (i.e. preffer to sell rather than buying)