First off, I want to mention all of my current strategies occur between midnight & 3am EST. It’s usually slower (Asian session) before the London session. It does like to sway back & fourth though, which is great for this strategy. I am legging into my sides outside the high/low points from a recent time. I looked back to midnight. This chart is super marked up. 
Here are my rules:
- NO NEWS can come out at all during the 2-hour period.
- Either choose the 12am-2am or 1am-3am binaries. I’m not sure which is better.
- Choose strikes above & below the high & low points that you marked on your chart. Put in a working order for anywhere between $22 - $25 (sell) and $75 - $78 (buy). I’m only doing ITMs, because this is the “Iron Butterfly” strategy. I want to collect premium through time.
- I might want to put in working orders to take profit on both sides once I’m in. Maybe try to make $16 per side.
- If neither side triggers, you simply don’t trade. Only get in on YOUR terms!!!
Here’s the chart I made. I did this in DEMO, and both sides expired in the money. The buy side took some heat, but it reversed (as I expected).
