What it’s about:
The video below goes through a naked put trade in $GLD and then moves to the $IWM butterfly. The December IWM Put Butterfly is within two weeks of expiration and the Gamma, Delta combination is getting a little risky for my taste. I take a look at two expiration week adjustments that would allow us to stay in the trade longer and decrease risk. The adjustments cut Delta in half without a significant hit to Theta. Feel free to post any questions in the comments below.