Bought 150 bnf dec 10600 pe at 220 and Sold 75 bnf dec 10900 ce at 418.
Bought to pe as i want to protect from downside as i have sold 200 pe .
I bought the 150 pe 10600 by selling 95 ce 10900. My downside is completely protected now. Even if market crashes , still I will be in profit of 13112. Upside breaeven is 11632 . I used the money of ce to buy pe
For that I am holding 50 bnf and cover 11300 pe and write higher pe. Will adjust positions accordingly. Preserving capital is more important than capital appreciation