Just yesterday, we put on an interesting earnings trade for NFLX. Our main trade was an at-the-money Short Put Spread, which isn’t looking too strong with the down move in NFLX today. But our hedge component was a Wide Butterfly set below the expected move that is actually profitable today, given the move lower. As a result, we’re put in an interesting position with deciding what to do. Ultimately, we choose to leave our Butterfly on for at least another day, as doing so gives us multiple ways to win on this trade. Then, we add a new type of Ratio Spread, a 2:3 Ratio, as opposed to simply widening out a standard 1:2 Ratio.