opened up a bearish directional butterfly on FB yesterday.

bought the 24-25-26 July Call Butterfly for $0.30 debit.  Max gain about 280% at expiration.

Exit strategy is 50% gain, 50% loss.

Directional butterflies are a very forgiving strategy.

Only a small amount of capital in the position.  $300 debit (ie max loss)

Here is my PnL curve from yesterday...

Here is another good article from Tycoon Reports discussing option plays on FB...

http://www.ifii.com/articles/242612245/how-to...t-from-the