Long time lurker, first time poster. I am about to start trading /ES and /NQ options after a long break from active trading. I have always found dest/poopy/voldemort's posts very educational even though I understand maybe 50% of what he is saying on a good day. Reading back over some posts, I am seeing discussion of the concept of skew lock for which he shows the greeks of those positions in some screenshots. I cannot decipher what the actual structure of the trade is though. I assume is some type of butterfly spread, but am not sure. If anyone has any idea or input, I would appreciate it.
Someone asked him that Q before. His response was : skew lock means lock the skew. Similarly, air lock means lock the air?
"spread of conditional varswaps..." I wouldn't worry about it. You likely don't have the means or education to f--- with it.
AI generated answer: In the context of options trading, "option skew lock" refers to a situation where the implied volatility of options with the same expiration date exhibits a "skew" or "smile" pattern, meaning that the implied volatility is higher for options with strike prices that are far out of the money (both puts and calls) compared to options closer to the money (at-the-money).