How to Roll a Broken Wing Butterfly in Thinkorswim with Step-by-Step Instructions

To roll a broken wing butterfly in Thinkorswim, you'll first need to create a new thinkScript. This can be done by clicking on the "Scripts" tab and selecting "New Script" from the drop-down menu.

The broken wing butterfly strategy involves selling a call option with a strike price above the stock's current price and buying a call option with a strike price below the stock's current price. This is done to profit from a potential price drop.

In Thinkorswim, you can access the thinkScript editor by clicking on the "Scripts" tab and selecting "thinkScript" from the drop-down menu. From there, you can copy and paste the script for the broken wing butterfly strategy.

To begin, you'll need to define the variables for the strategy, including the stock symbol, the number of contracts, and the strike prices for the call options.

To get started with rolling a broken wing butterfly in thinkorswim, you'll want to navigate to the "Thinkorswim" platform.

The first step is to create a new chart by clicking on the "Charts" tab.

Next, select the stock you're interested in and set the time frame to "1-Minute."

You should now see the stock's price movement displayed on the chart.

Look for the "Draw" tool in the top toolbar and click on it.

Select the "Rectangle" tool to draw a rectangle around the broken wing pattern.

The rectangle should be drawn from the point of the break to the point of the recovery.

The height of the rectangle should be roughly 1 to 2 points.

You can adjust the height by dragging the bottom edge of the rectangle up or down.

Now, click on the "Draw" tool again and select the "Trend Line" tool.

Draw a trend line from the point of the break to the point of the recovery.

The trend line should be drawn at the same angle as the broken wing pattern.

You can adjust the trend line by dragging it up or down.

Once you've drawn the trend line, you can use it to set your stop-loss order.

To roll a broken wing butterfly in thinkorswim, start by selecting the correct chart period, which is 1-minute bars for this strategy, as mentioned in the "Chart Settings" section.

Next, plot the two moving averages (MA) with a short MA of 5 periods and a long MA of 20 periods, which is a common combination for this strategy. This will help you identify the trend and potential breakouts.

Now, place a buy stop order 1 tick above the high of the 5-period MA when the short MA crosses above the long MA, as described in the "Buy Signal" section.

Before you start working, take a few minutes to set up your workspace. Clear any clutter or distractions from your desk or workspace.

A cluttered workspace can lead to a cluttered mind, making it harder to focus on the task at hand. In an ideal workspace, the desk should be clear of any unnecessary items.

A well-lit workspace is essential for productivity. According to the article, a good starting point is to position your workspace near a window with natural light.

Your chair should be adjusted to a comfortable height, with your feet flat on the floor or on a footrest. This will prevent strain on your back and legs.

The temperature in your workspace should be comfortable, between 68 and 72 degrees Fahrenheit. This will help you stay focused and alert.

Consider using a noise-cancelling headset or playing calming music to create a peaceful atmosphere. This can help you stay focused and avoid distractions.

To start a project, you'll need to gather all the necessary materials. This includes the specific type of wood, which is usually cedar or pine, depending on the desired durability and aesthetic.

Measure your workspace to determine how much material you'll need. For a standard 4x4 foot shed, you'll require 12-15 boards, each measuring 8 feet long.

Check your local hardware store for availability and prices. You can also consider purchasing materials online, but be sure to factor in shipping costs and delivery times.

Make a list of all the tools you'll need, including a saw, drill, and sandpaper. This will help you stay organized and ensure you don't forget anything crucial.

Gather all the necessary safety equipment, such as gloves, safety glasses, and a dust mask. This will protect you from potential hazards and make the project more enjoyable.

Now that you've selected your wing, it's time to prepare it for cooking. Remove the wing tips, as they can be tough and fibrous.

The wing tips are usually the thickest part of the wing, so cutting them off will help the wing cook more evenly.

Rolling the Wing is a crucial step in the process. It's essential to make sure the wing is securely attached to the rest of the structure.

First, locate the wing's attachment point, which is typically marked with a metal bracket or a wooden dowel. This is usually found on the fuselage, about halfway between the wing's leading edge and its trailing edge.

Next, check that the wing's mounting screws or bolts are tightened securely. According to the manufacturer's instructions, these should be tightened to a torque of 20-25 foot-pounds.

Now, carefully lift the wing into place, making sure it's aligned with the fuselage and the mounting bracket. A slight misalignment can cause problems later on.

Once the wing is in position, use a level to ensure it's perfectly horizontal. This is critical to maintain even airflow and prevent any structural damage.

In thinkorswim, you can roll a broken wing butterfly by using the "roll" feature, which can be accessed by right-clicking on the order ticket.

To roll a broken wing butterfly, you need to have a valid order ticket with a broken wing butterfly position. This can be achieved by creating a butterfly spread with a broken wing, which is a common trading strategy.

Make sure you have a clear understanding of the risks and rewards associated with rolling a broken wing butterfly, as this can impact your trading decisions.

One of the biggest mistakes you can make is not having a clear plan in place, which can lead to wasted time and resources. This is exactly what happened to John, who tried to launch a new product without a solid marketing strategy.

Not setting realistic goals is another common pitfall. As we learned from Sarah's experience, setting overly ambitious targets can be discouraging and lead to burnout.

Not tracking progress is a mistake that can sneak up on you. Sarah's business was thriving, but she didn't realize it until she started keeping a close eye on her metrics.

Not being adaptable is a recipe for disaster. John's business was hit hard by a sudden change in the market, but he was able to recover because he was willing to pivot quickly.

Not learning from mistakes is a missed opportunity. By examining what went wrong and how to improve, you can turn setbacks into stepping stones for success.

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Outdated software can cause compatibility issues, so it's essential to keep your operating system and applications up to date.

A simple reboot can often resolve issues with frozen or unresponsive programs.

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Rolling a broken wing butterfly requires a solid understanding of the trade and a plan of defense. This trade can be emotionally challenging, especially when facing a loss of 50% or more of the capital at risk.

It's essential to have plenty of capital on the sideline to add when the debit side is closed and the capital requirement doubles. I've learned this the hard way, and it's crucial to be prepared for situations where a loss can occur.

Most of the time, this trade is just easy money, but the tested positions can get very dicey, especially when trying to hit the mid-strike. I've used a slightly different version, the broken wing put condor, when the market is at highs.

To get started, consider setting up a one contract trade and using a stop loss to prevent a big loss. After seeing how the trade works a few times, you can consider other management techniques.

Ideally, I open this trade on a Friday with 21 days left to expiration, and close it two weeks later with 7 days left to expiration. I then open a new position immediately with 21 days left to expiration.