NaughtyPines

BOUGHT TO CLOSE EWZ APRIL 15TH 18/22.5 SHORT PUT VERTICAL

AMEX:EWZ   ISHARES MSCI BRAZIL CAPPED ETF
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 .... .
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