Hi Ricky, based on my notes which are usually more difficult to read than a doctor's prescription:
Hi Murthy, as you would have guessed anyways, WHEN to do adjustments was not "explicitly" asked or answered. He did mention though that he keeps an eye on the price of the verticals and flys on the threatened side. Once he sees them trading at a price which offers a reasonable risk/reward on the adjusted position, he makes the move. Given that trading is part science and part art anyways, there is possibly no right answer to this question anyways:-)
Cheers Vikas
a condor by adding a butterfly at the wing. Sorry, but I wasn't
paying close attention when he presented the second adjustment. Can
anybody supply what it was? I remember that it had positive delta but
would be a loss at the wing if held to expiration, so if the
underlying kept going higher you could close the entire position or
just the call side for a profit.
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