Took advantage of the early rally to rollup the lowest put and eliminate downside risk. Then, took advantage of the pullback to squeeze the upside of the butterfly to reduce upside risk.
Original Butterfly Strikes:
334 / 357 / 380
New Butterfly Strikes:
344 / 357 / 377
Still targeting between $500 and $1000 profit, new max risk is $534 (only to the upside).
Fans of Butterfly trading and of Gavin Mcmaster may recognize this as a “Reverse Harvey” adjustment. Here’s a reference for anyone interested:
New P&L Diagram: