Reading some earlier posts in this forum, I was thinking of a strategy that I might do. What I want to do is to start out with a delta neutral straddle: Buy 3 QQQ Apr02 37 calls @1.4 Buy 3 QQQ Apr02 37 puts @1.35 $825 Then wait for the stock to move. If it moves up, then I create my first ratio backspread by selling a call. Sell 2 QQQ Apr02 36 call @2.5 Net debit $325 Then wait for the stock to move down. Then create my 2nd ratio backspread: Sell 2 QQQ Apr02 38 put @2.25 Net credit $120 The result is that I have turned a decay sensitive trade into a trade that is negative theta and have a resulting huge straddle with a very narrow loss range. I have a PRBS and a CRBS. These combined look like a straddle. Question, is this a good or bad idea? Will my broker see the new legs as naked and not allow it? The numbers I used were for a near month, but in practice I would probably be 60 days out. Of course another idea would be to buy the first straddle with a far month and then as the stock moves, sell the nearer months. This would create two Tspreads. what do YOU think ?