I tried doing a search here, but didn't find what I was looking for. I want to buy a very far month straddle, and short near month strangles continuously for theta decay. The danger is when the underlying goes or passes one of the short strikes because I'm gamma negative. I suppose another danger is if the volatility drops, so it's probably best when IV is not so high. Anyway, what are possible adjustments I should make should the price go to a short strike? Any suggestions? Thanks.