132 Call Butterflies

The recent sell-off pushed some of these out of my acceptable range so I closed positions, with a mixture of small losses and gains. A slight fall in underlying, when accompanied by an increase in IV, can help to insulate these from significant losses relative to the potential profits.

Structure: 132 Call Fly
Open Date 16-Oct-26
Security ES
Expiry Date 13-Nov-26
Strikes 7725/7875/7950
Open Debit 30.5
Close Date 03-Nov-26
Close Credit 23.3
Profit / (Loss) -7.3
Profit / (Loss) % on VaR -23.8%