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Bull Call Spread to capture Dax move upwards

Andy McDonald

05 Jun 2025
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I opened a position in DAX 30 this morning after a breakout to the upside following a period of consolidation.

Risk-free arbitrage with Iron Condors converted to Butterflies

Plenty of activity on these as the flies have been getting fills. Opened another position this week. Structure: Iron Condor Fly Conversion Arbitrage Open Date 28-Sep-26 Security XSP Expiry Date 19-Oct-26 Initial Strikes 746/750/783/787 Open Credit 1.59 Fly Conversion Strikes 754/779
21 Oct 2026

Iron Butterflies

Update on these is relatively uneventful. One trade closed in profit and two more opened. Others already shared here remain open. nb I use Futures and underlying index in different accounts. Structure: Iron Fly Open Date 30-Sep-26 Security RTY Expiry Date 23-Oct-26 Strikes 2725/2825/2925
21 Oct 2026

Iron Butterflies

Closing orders filled on one of the open positions shared, and I opened another yesterday. Whilst profits on these are not huge, I haven't had a loss on this structure for the last 20 trades, which flatters Sharpe Ratio. Structure: Iron Fly Open Date 09-Oct-26 Security
17 Oct 2026
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