I have an Iron Fly in the Bank Nifty at 36900 which is presently bleeding because of the ferocious rally of 816 points today.
The MTM loss is Rs. 72300, equal to 3% of the margin money.
The only way to salvage this is to enter into a fresh Iron Fly at the straddle point of 37700.
(https://zerodha.trade/zerodha-uploads/Bank_Nifty_Iron_Fly_230921.PNG)