The iron fly is to the straddle what the iron condor is to the strangle. By adding long wings, we are able to define the risk of a straddle or a strangle upon entry.

The iron fly is a more aggressive alternative to the iron condor, collecting more credit initially, but generally seeing greater volatility throughout the trade.

Is there a way to decrease this volatility and make the most of the high initial credit of the iron fly?

Join Tom and Tony to find out!