Option Strategist

Trade adjustments for butterflies and condors

This document is part of the “Option Strategist” series where we focus on the management of specific option strategies, in this case butterflies and condors. Thanks to the high flexibility of options, strategies involving these instruments offer many possible adjustment techniques that we can leverage to modify our exposure to underlying and implied volatilities as market condition evolve and/or our own expectations change.

What’s covered in the document?

We start from the strategy setup and then we cover various trade adjustments ideas assuming rising, declining and sideways markets. Under each market configuration, we show the best adjustments idea if we have bullish, bearish or neutral expectations.

Full table of contents is shown below.

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Disclaimer:

All the information and examples presented in this document should not be considered as trading advice. Trading financial instruments involves risks and should be done with caution and, if possible, with the assistance of a professional advisor. Any trading position taken by using information from this document it is sole responsibility of the trader who initiate the position