Hi, I did it again! If you follow, on March 23 I opened a SPY 640/620 put ratio spread for a $598 credit. Yesterday, I bought the 600 put for $4.77 and turned the entire position into a RISK-FREE butterfly. Now the trade has: - No downside risk - No upside risk - Locked-in profit: $121 - Max profit: $2,121 This is how short volatility works when we stop thinking directionally and start thinking in structures.