It took a pretty substantial move for MSFT to complete the "free" (cough!) butterfly.  The bull put (credit) spread was filled for .45 and I just got the bear put debit spread filled this afternoon for .45.  My debit equals my credit, but as I outlined earlier, I incurred the full risk of a vertical while the other portion of the butterfly was being filled.  So this position was not risk free until now.  If MSFT hadn't defied the market's gravity, this position would still be firmly in the red.  And I've also limited my potential profit zones.  Instead of a close above $28 being profitable, my range is between 28 and 33ish.  It's a big range for sure, but not unlimited on the upside.

For my next trick, I'm going to attempt to leg into a calendar.  I'll likely start by selling the front month and see if the back month can move to within striking distance.  The kicker is, the put I'm likely to sell will suit me just fine if it stays naked.

Have a great weekend.