#ShortStrangles – TT recommends rolling the un-threatened side for additional credit and even going inverted if needed. It works great but can sometimes catch you in a whipsaw. Been trying to come up with something that would defend these positions without the inversion. Whaddya think of this? Whipsaw still a concern but not as likely compared to TT strategy.

1. As one side begins getting threatened (maybe a strike or two before going itm) roll unthreatened side up to delta 30ish
2. If stock continues in same direction then roll to straddle.
3. Could even skip step two and go straight to step four
4. At or slightly prior to threatened side going itm:
a. Book big gains on non threatened rolls
b. Roll threatened side into a NEW strangle in same expiration for as close to a credit as you’re comfortable with.
5. New strangle wouldn’t be worth much since you’re splitting original premium in that position between two new positions or could just split all premium including rolls but not book it until position is closed.
6. Manage new strangle same way.