So do you put your short strike of your butterfly on the larger, tallest peak at least 2 standard dev.? Then incorporate your longs? or break it at the further long to lessen your cost? ( but more risk of course) What about if i am not sure of bear or bull but maybe more on one side and I do an unbalance butterfly, the 2-3-1 and do another regular butterfly on the other side as an insurance?
So do you put your short strike of your butterfly on the larger, tallest peak at least 2 standard dev.? Then incorporate your longs? or break it at the further long to lessen your cost? ( but more risk of course) What about if i am not sure of bear or bull but maybe more on one side and I do an unbalance butterfly, the 2-3-1 and do another regular butterfly on the other side as an insurance?