As we touched the 1980 level Today I had an order to hedge the position, which it did, then I came in and replaced the hedge for a vertical roll. I decided against opening another iron butterfly to pay for the full roll. Depending on what Tomorrow brings I may need to roll the other short 1950 call, and in that case will re-think the process. Bottom line, with just two weeks to go adding another butterfly will increase my gamma risk and force me to stay through the expiration week, which I don’t really like doing.
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