Suppose you have this iron condor: +4165/-4170 put //-4190/+4195 call
When SPX is trending up to 4185 and may not come down to 4180, you can sell a +4170/-4185 put spread, the original -4170 put is replaced by -4185 put
Your final positions will be like this
The problem is you have very high risk when SPX is trending down to 4175
In the final 30 min, if SPX is still trending up and you believe SPX will be staying in 4195 range, you can sell another spread -4190/+4185 put, resulting this broken wing butterfly (BWB). You have very high risk of losing 10K if SPX moves down to 4176 in the final 30 min.
Ideally, iron butterfly should be like this:
