132 Call Butterflies

Thursday was brutal for net long positions (down 4.3% against Open at one point). I was away from my desk, but unsurprisingly, closed these on Friday at a loss.

Structure: 132 Call Fly
Open Date 23-Oct-26
Security ES
Expiry Date 20-Nov-26
Strikes 7725/7875/7950
Open Debit 26.8
Close Date 06-Nov-26
Close Credit 8.3
Profit / (Loss) -18.5
Profit / (Loss) % on VaR -69.2%

Structure: 132 Call Fly
Open Date 30-Oct-26
Security ES
Expiry Date 27-Nov-26
Strikes 7675/7825/7900
Open Debit 28.8
Close Date 06-Nov-26
Close Credit 15.5
Profit / (Loss) -13.3
Profit / (Loss) % on VaR -46.1%

At the same time, I took advantage of the lower entry point to open another position hoping to capitalise on a recovery during the next month. I'll monitor closely this week.

Structure: 132 Call Fly
Open Date 06-Nov-26
Security ES
Expiry Date 04-Dec-26
Strikes 7475/7675/7775
Open Debit 44.6