Second Add Point

The second add point of 82 has been reached so I added 4 IWM 80 butterfly. After the add the 1.5 to 1 delta/theta ratio was still exceeded so I had to roll the lowest butterfly up 6 points to 82.

The risk graph after the changes

the price chart

At this point in the trade we have bought 4 butterfly 3 times for a total price of $1488. and rolled the lowest butterfly up 6 points to keep the delta/theta ratio in the proper range (1.5 to 1)  at the price of $368. for a total of $1856 in the trade.

The commissions till this point in the trade are $120.

This trade is a lot more cost efficient using the RUT, its 10 times larger than the IWM  but has identical underlying  stocks. so the commission cost should be 1/10th of the trade using IWM.

The trade is down $340.