yuoska

I’m not as well versed as prophets in options trading (by reading his posts), but I have quite a bit of exposure, both on a personal level and a PM side.  He’s dead on.  I’ve heard of butterfuly trades, but have never implemented one.  Maybe others do, but straddles and strangles are very common.  Personally speaking, my “fun money” is usually employed in options trading, either through outright long put/call positions or straddles.  Covered calls, collars, protective puts - all commonly used in PM.