With XYZ currently at 10, a three month naked put at a $7.50 strike is sold for $1. The trader wants to own the stock at $7.50 anyway, and doesn't want to wait. The stock will be purchased solely for the purpose of writing Covered Calls against it. In our situation 3 days after the trade was placed, the market took a nosedive to 6. This is not a problem, and the trader had this figured into his strategy. However, a little less than 3 months are still left in the $7.50 put before expiration. The trader doesn't want to wait to start selling calls, but whether or not the put will close in the money is up in the air until expiration. So the assignment is up in the air. (I think the proper term is called assignment, it may be exercised) What type of adjustments can be done to maximize time premium during the next two and half months.