How to "manage" trades in which the market is assailing your position? 1) Remember that delta has multiple rolls. Know each. 2) If your troubled position has a short delta of, let's say |0.40|, and your "Uh-oh!" Rule sez that you need to address any position over |0.35|, then it's time to roll. 3) If you wish to remain revenue-neutral on the position, roll such that the |sum| of your new short deltas is ≈ |0.40| 4) Just to put it all in one example, if you rolled "away" for the current expiration, and took a same-sized spread with a short delta of 0.20, you would need to do that ~ twice, to sum to 0.40. OR you could -- roll "away" to a 0.20 spread, the -- roll out&away to a 0.15 spread {now incurring a new margin burden}, and then, anticipating a reversion-to-mean turn away from these new positions, -- roll out&away *the*other*way*, to a lesser-risk -0.10 position, getting a second use from that newly-incurred margin burden from the prior step. Your net change in delta was to take a |0.40| position, and turn it into a nearer-term 0.20 longer-term 0.15, and longer-term -0.10 --------------------------- new position |0.45| total, max delta |0.35| per side max delta |0.20| and |0.15| per expiry. Lastly, and the single greatest wisdom, dictum, piece of advice one could offer: Capital Preservation be the thing.