📡 Strategy Overview

This strategy runs a Weekly Iron Butterfly on SPY (S&P 500 ETF) via the Alpaca paper-trading API. The Iron Butterfly is a net-credit, defined-risk, non-directional options strategy. Both short strikes are placed at the money — this maximises premium collected but creates a narrow profit zone. The trade is profitable only if SPY closes near the ATM strike at expiry.

The butterfly is opened every Monday morning (9:40 ET) and closed every Thursday afternoon (15:45 ET), targeting the following Friday's weekly expiry. All performance metrics are scoped exclusively to SPY option legs (OCC symbols matching SPY[date][CP][strike]).

4-Leg Butterfly Construction