Dear lemondew...
yes its converted to butterfly! that was the idea behind taking longs having a gap of a strike in between.
strangle profit is partially locked by selling other CE leg at higher rate!
market will not remained lull for long as number of days to expiry is high (in option terms theta is high which is favorable for straggles, so its imp that we initiate these legging strategies early of the contract, which we did)... even if market remained lull means its accepted as its part and parcel of legging strategies...
and last but not the least...
1st-I have tried my hands Pricing Models... (for me understanding on how parity works is more than sufficient)
2nd-I understand Option Greeks... (it end up giving rough idea as practically its not accurate and over the period of time constant option trading will fix all these factors in to our subconscious so we may not need these)
3rd-I am aware of how VIX & IV work...( instead of studying/predicting these I prefer studying price chart it self)
after all these I am purely a logical option trader where I apply some common addition and subtraction to arrive at expiry values(worst come scenario) and based on few simple logics with suitable MM I play options....