How to Adjust an Iron Butterfly (and why the body stays locked)
Five adjustment paths for the Iron Butterfly, the structural reason the ATM body never moves on a roll, and the trap of treating an IB like a higher-yielding Iron Condor. With a worked NVDA example and the Greeks behind why an IB is managed earlier and tighter than its wider-strike cousin.
Read article →How to Adjust an Iron Condor: a seven-option playbook
The full Iron Condor adjustment space — seven defined paths from rolling one leg to closing the position outright, with a worked SPY example and the trap that turns one bad read into a chain of realized losses. Plus the IC-specific danger zone where delta, gamma, and vega all turn against the position at once.
Read article →How to Roll Cash-Secured Puts (and when to take assignment)
The stock has dropped, your short put is at or near the money, and the right move depends almost entirely on a question that gets skipped too often — would you actually mind owning the shares at this strike? A worked ABBV example, the Greeks behind the decision, and the trap that turns wheel traders into reluctant shareholders.
Read article →How to Roll Covered Calls for Credit (and when not to)
Your covered call went through the strike. The roll choices on your screen all look ugly. Here is how to think through the decision — with a worked NFLX example, the Greeks behind the math, and the two patterns that catch even careful traders.
Read article →The IV Crush Trap (right direction, wrong trade)
A 5% OTM call on a stock that rallied 4% into earnings should be a winner. The position lost 68% of its premium overnight. The math behind why — with the Greek decomposition, the break-even reality at expiration that was always going to bite, and the rule of thumb experienced earnings traders size around the structure.
Read article →New articles weekly. Each one is a deep dive into a specific decision options traders actually face — with worked examples, Greeks math, and the practitioner reasoning behind the call.