My Bread and Butter Trade

[so2c]

I closed (prior checking my email -:) the 81 PUT calendar with 3 ct loss on contract (($3) total) since it doesn't seem serve the purpose.

I didn't know TOS doesn't charge for closing short position less than 5 ct. Thanks for the good tip, Ernst.

The calendar adjustment supposes to balance negative Vega & eventually break down below BE point. Now that IWM bounce back from BE point & apparently supported by MA50. So I closed calendar. Should I wait longer? or should turn it a bullish PUT spread/calendar play for a few extra points? I need think these through. For now, I just focused on the Butterfly.

After close the calendar, here is the butterfly P/L: I'm sitting on a 10% profit on risk capital & the delta & vega looks cancel each other, VIX back down below 20.

Next possible moves: (1) wait a little long so Theta yields a bit more; (3) add directional components when market confirm its uptrend; or (3) close the butterfly, lock the profit.

At this point, I'm not sure when to say enough is enough: the max potential is about $500, should I shoot for 25-50% of it? or is this too greedy -:)

So far, I'm happy with the butterfly, which smooth out kind of day-to-day price volatility that could sometimes keep me nervous in a jumpy market like the one we have currently.