Can you give me an example? Let's for example ES is trading at 1452.75. I short the April 1440 Put @ 7.50. Where would I adjust?
I have no advice on where to adjust. My point was that the naked put can be adjusted at exactly the same points, and with the same result as a covered call.
That's why it's called 'synthetic equivalent', the key word being equivalent'. As Wayne said, they can be managed identically and thus the collar has no advantage over the bull call/put equivalent vertical. db