Reason for simple bfly of 500 pt wing
a) IV crush after election results, the blue line will rise and results 2 to 5% of profit of deployed capital (27113 for single bfly) that is approx 3.9% (1050) on single lot bfly.
b) Entry point: Ideal entry point is last Friday 3.20 PM and alternative entry point, if IV crush (India vix crush not more than 5% on Monday at 9.30 AM).
c) Strike price : ATM strike price with 500 pts wings
d) Exit: Once the India vix fall of decrease more than 30%
e) Duration : Usually within 2 days, expected profit of around 1K to 2K per 1 lot of Bfly
f) SL is already within the system that is 2K as risk per single lot of bfly.
g) Risk reward Ratio 1:1