Dan Sheridan – Vega Modified Butterfly Deep Dive with Jay (Hedging Butterflies with Calendars)

Instructor: Dan Sheridan with Jay
Course Format: On-Demand Video Course (Recorded Live Sessions)
Skill Level: Advanced Options Traders

Course Overview:
In the Vega Modified Butterfly Deep Dive, Dan Sheridan and Jay take an advanced, in-depth look at how to enhance the traditional Butterfly Spread using Calendar Spreads for superior hedging. This live and interactive course teaches traders how to modify and adjust Butterfly positions using Calendars to manage risk and adapt to volatility shifts. This strategy, known as the Vega Modified Butterfly, helps traders create a more robust risk profile and increase profit potential in a variety of market conditions.

The Butterfly Spread is a popular options strategy, but its success can be significantly impacted by volatility, particularly Vega exposure. By adding a Calendar Spread component, you can hedge the position and create a more balanced trade that takes advantage of both time decay and volatility changes. This course is perfect for advanced traders looking to refine their butterfly strategies, improve trade adjustments, and enhance their overall market approach.

What You’ll Learn:
✔️ The fundamentals of the Butterfly Spread, and why it is a popular neutral strategy with limited risk
✔️ How to introduce the Calendar Spread into the Butterfly setup for enhanced Vega management
✔️ The key Vega dynamics that affect Butterflies and how a Calendar Spread can protect against volatility fluctuations
✔️ How to select the ideal expiration dates and strike prices for both Butterflies and Calendars
✔️ The mechanics of setting up a Vega Modified Butterfly, including choosing the right strikes, expirations, and position sizes
✔️ How to manage Gamma, Theta, and Vega exposure for optimal profit potential
✔️ The best market conditions for using the Vega Modified Butterfly and when to avoid it
✔️ How to combine the Butterfly with Calendars to create a dynamic, risk-adjusted strategy
✔️ Adjustments to make when the market moves unexpectedly, including how to modify the Calendar portion to protect the Butterfly
✔️ How to monitor and manage implied volatility and time decay to extract maximum value from the combined strategy
✔️ Step-by-step real-world examples of Vega Modified Butterfly trades, showing entry, adjustments, and exits
✔️ How to hedge Butterflies in a volatile market, taking advantage of volatile swings for added protection and profit
✔️ Advanced tools for calculating the best position size and adjustment triggers to maximize profitability with limited risk
✔️ The process of exit strategies: knowing when and how to close the position, depending on market changes and volatility

Course Includes:
✔️ Full access to recorded live sessions with Dan and Jay, offering real-time insights into the Vega Modified Butterfly strategy
✔️ Downloadable resources such as trade plans, checklists, and calculators to help you implement the strategy effectively
✔️ Detailed risk management tools, helping you calculate the ideal position size and understand Vega exposure
✔️ Practical case studies of the Vega Modified Butterfly trade, including adjustments and exit strategies
✔️ Bonus content on additional risk management strategies such as stop-loss triggers and hedging techniques
✔️ Step-by-step examples of how to implement the strategy using real market data, including entry points, adjustments, and exits
✔️ How to track volatility and use implied volatility to make data-driven decisions that optimize your trades
✔️ Trade management walkthroughs, showing how Dan and Jay manage these positions live as market conditions change
✔️ Insights into market psychology, understanding how to adapt your strategies during high-volatility phases and avoid common pitfalls

Why Choose Vega Modified Butterfly?
The Vega Modified Butterfly is an ideal strategy for advanced traders who want to enhance the classic Butterfly Spread by adding a layer of protection and flexibility through Calendar Spreads. By carefully managing the Vega risk, this strategy allows traders to adjust to changing market conditions, especially during periods of high volatility.

With the addition of Calendars, this strategy becomes a powerful tool for traders looking to capitalize on time decay and volatility changes, all while maintaining a defined risk profile. The Vega Modified Butterfly provides:

• Enhanced flexibility to manage volatility risks and adjust positions as market conditions shift
• Profit potential from both time decay (Theta) and volatility exposure (Vega)
• A dynamic trading approach that adapts to both sideways and volatile market conditions
• A reduced risk profile compared to traditional Butterfly strategies, by using Calendar Spreads to hedge against market volatility
• A mechanical, repeatable process for managing the trade from setup to exit, offering a clear path to consistent profitability

Who This Course Is For:

• Experienced options traders who have a solid understanding of the basics of Butterfly Spreads and are looking to add complexity and risk management to their trades
• Traders who are interested in learning how to hedge their Butterfly strategies with Calendar Spreads to protect against volatility and create more profitable setups
• Those looking to refine their trade adjustments and enhance their volatility management skills
• Investors who are comfortable with advanced strategies and wish to trade in volatile to neutral markets
• Traders who are ready to learn advanced Greeks management and how to tailor a strategy to changing market conditions and volatility shifts
• Anyone interested in adding flexibility to their portfolio by combining multiple advanced options strategies for higher profitability with lower risk

About Dan Sheridan:
Dan Sheridan is a renowned options trading educator with over 30 years of experience. As a former market maker at the Chicago Board Options Exchange (CBOE) and the founder of Sheridan Options Mentoring, Dan has mentored thousands of traders on how to build structured, disciplined, and high-probability options trading strategies. Known for his clear, detailed teaching style, Dan specializes in helping traders create systematic, repeatable strategies to trade profitably while managing risk effectively.

Jay, a seasoned options trader and trusted instructor, brings a wealth of experience in advanced trading strategies, particularly in managing complex positions like the Vega Modified Butterfly. Together, Dan and Jay will guide you through the intricacies of this strategy and give you the tools to become a more confident, strategic trader.