GCX9 1465 put-GCX9 1510 Straddle+GCX9 1540 call with 32.4 days to expiry, 11.9% delta, .2268 Theta
Just noticing the the Realized Vol (15 days) is drifting a bit, while Implied seems to hold fast. Using Broken Wing Iron Flys can be a very good way to play a potential dip in Vol, especially if you have a view on the market or positions that need to be hedged.
This broken wing Iron Fly is skewed to the upside, limiting an upside payout at the expense of a downside move. Just move the wings to get a structure that fits you hedge/view.
