UPDATE: VIX broken wing butterfly spread
We are closing the position as expiration for the cash index is today. The VIX is pretty sedated and failed to stay near our short strike price of 12.50.
To close out you can sell to close 11.50 and buy to close 12.50 for a net credit of $0.15. This would leave you with -1 12.50 and +1 14 calls. The risk of closing these still exists if the VIX spikes up to above 12.50. However, we will not close out of them.
The net credit of $15, results in a net loss of $5 (not including) commissions.
— Edited by Martin O'Rourke
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