BankNifty IronFly thread: How to adjust IronFly.
1: When BankNifty took resistance at yesterday high and was also trading near last month high so created IronFly with bearish view.
1: When BankNifty took resistance at yesterday high and was also trading near last month high so created IronFly with bearish view.
2: Created 36100 IronFly with 200 point hedge buy (i.e. 36100 Straddle sell with 35900PE buy and 36300CE buy)
3: The maximum loss was Rs 11550 and maximum profit was Rs 38450 which is a good R:R.
4: When the IF came in profit of 11650 which is equal to the maximum loss, we shifted the hedge to 100 points (i.e. 35900PE to 36000PE and 36300CE to 36200CE)
4: When the IF came in profit of 11650 which is equal to the maximum loss, we shifted the hedge to 100 points (i.e. 35900PE to 36000PE and 36300CE to 36200CE)
5: Now there cannot be any loss in this trade. We will carry this and will update after the closing.
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