>if you can see the put side flies starting to skew up in value, add the
+90/-2 95/+100 fly to net into a +90/-95/-105/
protect against some downside threatening movement in the underlying, and so
on.<
Mike, these additional flys, especially in the direction (or impending direction) of the underlying, cost money, and result in what could appear to be unacceptable risk/reward numbers. Perhaps proportionally increasing the number of flys when the underlying moves away gives you a better chance of achieving your original profit goal. Then again, just breaking even feels like a victory in some battles.
RFH
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