Iron Butterfly (Ironfly): Theta Gang Strategy #7 I r/wallstreetbets

#wallstreetbets #robinhood #stocks #options #wsb #tastytrade

Iron butterflies, also called ironflies, are a great way to take advantage of IV Crush or Theta Decay when the Short Straddle is outside your personal risk tolerance. Iron butterflies offer a great way for even small accounts to get in on the action by using limited-risk credit spreads.
To set an iron butterfly:
Sell-to-open 1x call at an at-the-money strike
Sell-to-open 1x put at an at-the-money strike
Buy-to-open 1x call at a higher strike
Buy-to-open 1x put at a lower strike
Tastytrade on Theta Decay: https://www.tastytrade.com/tt/shows/market-measures/episodes/theta-of-iron-condors-02-19-2019
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