I have these open positions: Long 2000 CVX stock (cost basis ~$73) Short 20 covered CVX Mar 75 call (expiring worthless) Separately: Short 20 naked CVX Mar 70 call @ .25. This position is moving against me and is approaching ATM. How would you hedge this naked position in the event it goes ITM? I'm thinking: 1) Turn this into CC and let them call away my stock @ 70 and take loss on the stock. 2) Convert this naked call to a bull spread by buying 20 Mar 65 call (~4.3 debit, .7 max profit if it closes above 70). 3) Short 20 Mar 70 put and turn it into a short straddle and hope the position will expire within the zone. Any suggestions? Thanks!