Select Sector Basic Materials (XLB) with a four way trade yesterday that looked a lot like an iron butterfly — selling the June 32 straddle to buy the June 29 – 35 strangle, 10000X. However, looking at today’s open interest, looks like the Jun 29 – 32 call risk-reversal was closed to open a position in the bullish June 32 – 35 risk-reversal (However, also possibly a roll of a strangle up in strikes.)


Flow Monitor Tip: You can see the open interest changes each morning using Flow Monitor. You’ll get it here fast. In this example, enter XLB, then select option 5. To see more, enter + (you can do this several times.)