Leaderboard

We don't do verticals since those are directional trades. Bufferfly and IC are vega negative trades, calendars are vega positive. There are no firm rules, but I personally don't do IC when RVX is below 25. Just my personal rule of tumb. If you do SPY calendar, it should be a good trade with VIX around 16-17. In general, you want to do a calendar when the IV is in the low third of the recent range.

I would actually do the opposite - close the 820. You goal is to keep the underlying under the tent as much as possible. So if you had 820/840 for example and the stock moved from 828 to 845, what would you do? Move the tent, by closing the 820 and opening the 860. Your current P/L is irrelevant - the only question is what is the position you want to own NOW? 820 provides some downside protection but very little theta which is the main goal of those trades.