Thanks for the response much appreciated. I guess I find the risk to be intolerable this close to expiration. The gap, strange news, whatever could send it collapsing my gamma risk blows up. I had an experience where I had legged out of a butterfly in GME once and left short puts on a body as there was no bid. Result of a partial fill. I forget the exact pricing but something like a 140 put and it goes off the board at 144 so safe but then there is the whole after hour trading situation where the options don't trade and then I'm wondering if i'm going to be assigned on a ten lot of puts and calculating the capital requirements for a 1000 shares of the Game Stonk and the risk i'm putting out there. In real life I just don't like the risk growing and growing so the adjustments although limiting the profits are allowing me to sleep at night.
@ Magic Thanks for this. Even though in the end the adjustment was deemed not needed by final price of the underlying it seemed necessary given the risk was building. I went with buying the debit spreads as the jump in vol makes them an affordable option with possible 1:8 or 1:9 pay outs. I'm trying to think what my next step would have been had it continued to gap down. Probably just take my 2x loss on the position and move on. But with these naked short positions I don't like presuming I would be able to get filled as the bid-asks widen and rape a fill prices set in.