John Locke - M3.4u

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Reference video:

John mentioned that he normally does a 60 point lower wing and 40 point upper wing, but he decided to make the upper wing a bit wider in this example.
You'll notice that from a delta perspective, it's essentially a 60/40/20 delta NetZero style setup, which is likely an easier and more adaptive way to set it up.

Planned capital: $25K
Max loss: -$2.5K
No fixed profit target

He then keeps his delta for a 10 lot trade at the following:
a) if the market is inside the structure, then you want a delta range between -15 to +20
b) if the market is above the structure, then keep delta between zero and +20

If you check the comments in the video, he says that he adjusts to the downside by:
a) rolling up the upper long up to a certain limit [which sounds unusual]
b) roll down the entire structure

He also runs the trade into expiration, which can potentially be risky.
 
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