As I’ve said a few times, the biggest risk I see to these SPX trades is the distance between the daily put being sold and the long put LEAP it’s being sold against. And by risk it’s really only the risk of an unrealized loss that you have to endure for awhile. Here’s how I’m handling those now.

Rolled SPX Dec 2029 5800/5800/6200 to Dec 2029 6100/6100/6500 @ 81.50 debit

This does a couple things. It reduces buying power required due to the narrow gap in the put sale spread and allows more aggressive daily selling because that gap has been closed. In the big scheme of things out to 2029 it’s a small price to pay for an adjustment. I’ll add that to the original cost basis for long term tracking.

Using the rental house analogy….if you own the house long enough you’ll have to eventually use some of the rent income for new carpet or a fresh coat of paint. LOL. Just some needed maintenance.