Nifty Options Radar: Deploy Iron Butterfly strategy amid indecisiveness in the index

On the daily chart, Nifty formed an engulfing pattern amid higher volatility with the 10 and 20-DEMA standing close to each other. The selling pressure engulfed the entire price action of four trading days with a range of 450+ points. The loss on the daily chart was less than a percent but the rise in the VIX index of 8% points to volatility up ahead.