I mentioned this on another thread I started: http://www.elitetrader.com/vb/showthread.php?s=&threadid=69124 I didn't know whether to reply to that thread or start a new one. I thought I might get more input on a new thread. To recap: I wrote a 32.50/30 put credit spread on EBAY for May. EBAY has now tanked to 30.28, so it looks like I will be buying the stock this weekend. If I wanted to try the strategy posted by cnms2 (i.e. now sell a straddle) which strike price should the straddle be? I'm thinking 30/30 (depending on the PPS on Friday). Should I enter the straddle late on Friday? Also, If EBAY drops below $30 do I need to sell the long leg on Friday? If I don't will it be assigned automatically, thus giving me the max loss on the original spread? I know if I don't have any protection going into the weekend that EBAY will announce bankruptcy, all the officers and BOD members will be arrested, earth will be hit by asteroids, Bush will start bombing IRAN ... well, you get the idea.