Hello Everyone,
I have been trading options for about 4 months now, and now want to understand the Butterfly Strategy better. Currently, I understand the theory of a butterfly and have made a couple of super small trades without any success on SPY.
I think I am lacking the understanding about Delta or DTE I shall target for butterfly spreads. I am starting this thread to get any ideas and experiences in case some of you have worked with butterflies.
Any help , direction, basics or key check steps to gauge, calculate the deployment of butterfly strategy will be much appreciated.
Thank you and looking forward,