Closing out the short put side of my iron fly for a .10 ($10), as it's basically nearing worthless, and I'd like to clean up this broken setup here if I can. This left me with the 22/25.5 short call side of the setup to deal with, which I rolled out to the April
23rd expiry 22.5/27 strikes for a .26 ($26) credit. If I'm going to attempt to improve strikes, I do it fairly slowly and incrementally ... .
I then proceeded to sell an EWZ
short put vertical in the same expiration at the 21/24 strikes for a .29 ($29 credit).
This leaves me with a less than ideal setup, since strikes of the short put vert overlap with those of the short call vert ... . Generally speaking, you never want to invert an iron condor/fly .... .