Now that we have closed our iron butterfly, let's check on an iron condor on RUT we started on May 1 with June options and 48 days to expiration. We sold 20 contracts of the 380/390 put spread for $0.90 and the 570/580 call spread for $1.05, for a total credit of $3,900. By May 8, the RUT had traded upward strongly, so we closed our 380/390 puts for $0.55 (net profit of $700), waited a couple of days and sold the 410/420 put spread for $0.90 on May 11. On May 18 I added two calendars to boost the theta for this position and reduce the negative vega typical of condors: 10 contracts of the Jun/Jul 480 put calendar at $8.55 and 10 contracts of the 500 call calendar at $7.95. However, IV has been gradually falling and this hurts our calendars, so I closed the call calendars on May 28 for $8.40, a gain of $450, and closed the put calendars on June 3 for $8.30 for a $250 loss. So as of today, this position stands well inside positive territory and our theta decay is just under $200/day. However, if the RUT continues its upward climb, we will close the call spreads early. The delta of the 570 calls is 12 this morning. We won't allow that to exceed 18.