Butterfly #1 : +13 - 4 = 9
Butterfly #2 : +5 - 4 = 0
Butterfly #3 : +20 -4 = 16
Butterfly #4 Expiry 28th March
Buy 10900 CE 141
Sell 10700 248+192 = 448
Buy 10500 PE 130
Added a bullish wing: BUY 28Feb 11000CE 9.20
Logic: We need a small bias. Simply working with plain vanilla butterflies is not yielding. If this move is wrong we lose 6 pts, else we make 17.
Net credit 177 - 10 = 167
Butterfly #5 Expiry 28th March
Buy 10800 CE 151
Sell 10600 254 + 200
BUY 10400 PE 137
Added a bullish wing: BUY 28Feb 11000CE 9.20
Net = 166 - 10 = 156
Butterfly #6 Expiry 28th March
Buy 11000 CE 106
Sell 10800 206+164
BUY 10600 PE 104
bullish wing: BUY 28Feb 11000CE 11
Net = 149 <this will decay>
Each option has a cost of 1 point for buy and sell. This is high, almost 1/3rd of profits.