StructureATM Straddle = a short at-the-money CE + PE position. OTM-n Strangle = a short n-strikes-out CE + PE position (wider breakevens, lower premium). Iron Fly = short ATM straddle + a bought wing each side; Iron Condor = short OTM strangle + wings. Both are 4 legs, net credit, loss CAPPED at the wing — their stop-loss is % of NET premium. Batman = sell 2 bodies at the ear offset, buy 1 inner wing toward ATM, on each side (4 legs, usually a net credit). Loss is UNBOUNDED beyond the ears; its stop-loss is % of the absolute net entry value (the credit received or debit paid). Δ-adjusted structures — one principle in all four variants: at each adjustment ONLY the currently losing leg (the side the market moved against) is closed and replaced; the other leg is left alone, though after a reversal it can trigger its own adjustment later. All Δ thresholds are option delta: 0.25 = 25 delta. What differs is the trigger and the replacement strike: Overall Δ Adjustment = short ATM straddle; adjust when the two legs' |Δ| drift 0.25 apart; replacement strike chosen so its Δ matches the winning leg (book back to neutral). Legwise Δ Adjustment = each leg watches only itself; adjust when a leg's |Δ| rises 0.25 above its own entry Δ; replacement Δ-matched. Legwise Δ Adjustment (ATM) = same one-leg trigger, replacement is a fresh ATM option of the same side. Legwise Δ Adjustment (OTM1) = same again, but the book is a short OTM1 strangle and the replacement a fresh OTM1 of the same side. Δ-matched replacements pick the closest priced strike (searched ±6/±7/±10 strikes by instrument). 'max N' caps adjustments/day; SL stays % of the ORIGINAL premium. Every adjustment order — brokerage, slippage & taxes — is included in the shown costs.