Two of our option trades will likely need to have a partial exit before the close of trading today. The KHC put butterfly and OXY call butterfly specifically. In both cases, only the long leg moving ITM will need to be closed. The other legs will expire OTM and need no adjustment. If your broker will not allow you to be “naked” for the remainder of the day or you wish to play it safe. Simply close an equal quantity of the short legs. For example, If I sell 3 contracts of the OXY 45 calls. I would also buy back 3 contracts of the short 47.50 calls.
Before the close of trading today.
Sell to close: OXY Aug 15th (monthly) 45.00 strike calls (all contracts)
Credit: as much as possible
&
Sell to close: KHC Aug 15th (monthly) 27.50 strike puts
Credit: as much as possible