Promised myself I wouldn’t go naked on these anymore. Got squeezed pretty hard in Aug 2015 and a little last January. Didn’t like the feeling and it caused me to miss some really good opportunities in other places (like shorting VIX futures). Keeping these in an IRA and spreading a little closer to the money but no margin issues even if this thing goes to 100 again. Rolling strategy is to leave enough room to roll and widen slightly to allow a credit roll. This worked great during the Aug 2015 spike. Held a Dec 50/60 through that entire thing with no worries at all. Only regret was not selling more while they were in the money.

Sold to Open UVXY OCT 21 2016 40/50 Bear call spreads @ 1.00

I’ll sell more at the same strikes as UVXY rises…margin required is still the same so might as well be more aggressive on the sales.