I have a dual strike straddle iron fly for the week ending 14th October. This happened because in the morning i did 20 lots at 38000, which was the ATM at that time. Later, the market plunged to 37700 and so I added another 20 lots at 37700.
The advantage of the dual strike is that the range is widened.
(https://zerodha.trade/zerodha-uploads/Bank_nifty_Iron_Fly_141021.jpeg)
In the first half session, the Bank Nifty crossed 38400+ and breached the BEP. I also had an MTM loss of about Rs. 40000. When I tried to create a new Fly, there were numerous execution errors. Frustrated, I decided to square off all the positions and enter into a new Fly with only 20 lots.
The new Fly is centered at 38400.
I added 20 more lots at 38700.
(https://zerodha.trade/zerodha-uploads/Bank_Nifty_Iron_Fly_131021.png)
The position was in good profit till about 1 pm. However, a sudden surge in the Bank Nifty spread panic because the CEs started bleeding profusely. I put SLs and exited the entire position for a minor profit/ loss.