I bought this butterfly position in Two days, One day at 13 and one day 11, Liquidity was not great since this is FEB expiry. Anyway i didnot close at 16 cents. I think based on the current volatility, Market will come to 5300 again before FEB, I will wait for that. As you said, I think I should start with the Bull/bear debit spread first and then convert to butterfly if the market is moving in your direction. Then you might be able to get some bulletproof positions if you are lucky, so you have peace of mind and wait, further if market your direction you get profit, even if goes totally other way, you don't loose much. I think in my case, I need more experience with predicting the market direction based on Technical.
Do you trust astro cycles, I see some astro suggesting buying put from 2nd week of JAN and closing in 2nd week of FEB, Any Technicals suggesting down turn?