I trade iron condors on the ES (S&P emini futures). I never hold these to expiration--in order to avoid a gamma blow-up. Interestingly, I had a first for the month of March. I placed my IC's the week of February expiration. Within a week and a half, all of the bear call spreads were worth .20 to .25, down from 2.5. So, I exited all of them, basically leaving only bull put spreads. So, for the first time, as the market moved down, I entered all new bear call spreads to replace the ones I exited. Of course, the new strikes were lower, but basically had the same value as the originals. Anyone ever try this adjustment? Typically, I've just exited the bear call (bull put) spreads when they lose about 80% of their premium and let the bull put (bear call) spreads ride.