Original trade: BTO Oct 16, 175 / 185 / 200 Broken Wing Call Butterfly for $0.07 debit.

Adjustment 1: Rolled the short Oct 16 185 / 200 leg to the Oct 23, 200 /215 short call spread. With ROKU on a charge need to go to the next adjustment.

Adjustment 2: Rolled the short Oct 23, 200 /215 short call spread to Nov 20, 215 / 230.

Adjustment 3: STC Oct 16, 175 /185 long call spread @ $9.83 (not sticking around for those remaining $0.17).

With ROKU still moving on up need to go to the next adjustment.

Adjustment 4: Roll the short Nov 20, 215 / 230 to Jan 21, 245 / 260 @ $2.00

So banked $9.83 from the sale of the long call spread of the BWB, and paid $2.00 (plus the original roll cost) to roll out the short leg to Jan 21. All in the name of providing a cover to the core trade which is the Jan 22, 140 / 190.

Big question is when to offset the short call spread with the short put spread? Pulling the trigger on that side of the strategy normally causes the trading gods to engineer a rapid downward move.

#BWB