Addy 10:04 am on Monday, February 24, 2020

I appreciate your suggestions with…

I appreciate your suggestions with this down market I have 3280/3300 BuPS expiring today, now it down in under water, it is currently at $20, what is the best action avoiding losing the $20/contract? I appreciate your input.

Jeff 10:28 am on Monday, February 24, 2020

The only thing to try is legging out, but that is difficult and dangerous.
- Addy 11:16 am on Monday, February 24, 2020
  
  Thank you Jeff, I am thinking, on 17 Feb it nearly hits 2400 so I am thinking I can do 3340/3320 March 2, 2020 for 17.00, but the situation is good regarding the virus. I differently need to roll it again, what you think?
  - Jeff 11:52 am on Monday, February 24, 2020
    
    Yes, selling a deep ITM spread provides excellent R/R and helps make up for losses like this. I will be trying for that as well, but not sure if time is right yet. This could be the start of a much deeper correction.
    - Addy 12:15 pm on Monday, February 24, 2020
      
      my BuPS at $20 I have 10 contracts that is a 20,000 loss.
      - Jeff 1:33 pm on Monday, February 24, 2020
        
        that’s a huge position, I hope that’s a big account; at least $200K or you are trading too big.
Jeff 10:31 am on Monday, February 24, 2020

FYI I’m in a similar boat with 3265/3245. I may try legging out on this pop up we are getting now, but that would require that the market resumes its downward move today. If we have already hit bottom and are going to move up into the close, then my loss would become bigger than $20. That’s why it is so dangerous and inadvisable.

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