Reading the book The Option Trader Handbook for adjustments for short strangle and got disappointed as the book says that there is nothing you can do, I got an idea. You can keeping making up for strong moves in the underlying and never lose. Suppose stock XYZ is trading at 25 and you short a strangle: put@20 and call @30. If XYZ moves to 30, you sell a put at 35. IF it moves to 35, you sell a put at 40. On the way down, if it moves to 20, you sell a call at 15. If you draw the P/L chart, you'll see that you are always ahead of a loss, always in the profit zone. This operation should be generally applicable. If you are short a call and the market goes against you, you just sell a put ITM at a higher strike to counter the loss on the call. If you keep doing this within the same expiry date, some options will end up ITM but you still win. Has anyone tried this strategy?