A thought: "Postpone!" ("Whut?") The ES has a limited lifespan -- don't get caught trying to rush things: take out an offsetting position (100% or to any lesser degree) in the following month, and lose the deer-in-the-headlights scare that trying solve it all in one very-fell-but-very-expensive swoop. Second: Sell *security*: consider selling ITM spreads -- drawing a standard profit/loss diagram will suggest which (ITM put/ITM call) you'd be most happy with -- but selling a $5 spread for $4.10 is rather like selling a 90ยข spread, -- in *most* respects. (As in, "who's got the long, again??")