NEW TRADE – Two Butterflies
Gold Trust ETF (GLD)

TRADE ACTION 1: Open a GLD butterfly using calls for a credit of around 1.35
BTO 5 contracts of the GLD 12 MAY 185 call
STO 10 contracts of the GLD 12 MAY 186 call
BTO 5 contracts of the GLD 12 MAY 196 call

TRADE ACTION 2: Open a GLD butterfly using puts for a credit of around 0.67
BTO 5 contracts of the GLD 12 MAY 181 put
STO 10 contracts of the GLD 12 MAY 180 put
BTO 5 contracts of the GLD 12 MAY 170 put

Master Portfolio is trading 5 contracts (and 10)