So here is what I did so far: Bear put Short sept 114 put @ 5.50 Long sept 115 put @ 5.94 net debit = .44/contract (5.94 - 5.50) Here was my adjustment: Long Jan SPY 114 & Short Sept SPY 115 = 3.99 net debit Long was bought @ 6.36 Short was sold @ 2.81 So now what is in my portfolio is this: Long Jan SPY 114 & Short Sept SPY 114 = 3.99 (.44 + 6.36 - 2.81) If I wanted to adjust back to a bear put how would my math go? Jan 114 is trading at ~8.80 Sept 115 is trading at ~5.10 Would it go something like this: .44 + 5.10 - 8.80 = -326 ? Would I realize any profit?