One of the best part of the Iron Fly or any other risk-defined options strategy is that we do not get shaken out of the trade due to volatility.
I implemented the Iron Fly strategy on the Bank Nifty for the expiry of 26th August at the straddle price of 35600.
To my good luck, though the Bank Nifty was very volatile, I could hold on to the trade, and the Bank Nifty expired at 35617, yielding a gain of 2.58 Lakh which amounts to 11.36% on the margin money of Rs. 27 lakh.
I now have an Iron Fly at the same strike price of 35600 for the expiry of 2nd September.
(https://i.ibb.co/Mnyz8jM/Bank-Nifty-Iron-Fly-Options-Trade.png)