The time to repair a bad trade is well before the option moves 20 points ITM. The fact that it's only 15 points ITM now, doesn't change the problem. 1) Set loss limits. When you sell a put, profits are very limited. Do not allow unlimited losses. 2) Better yet, don't sell naked puts. Sell put spreads. 3) To answer your question, there's not much to do here. If you WANT to own this stock, that's one thing. But do not take ownership of this stock (when assigned an exercise notice) just because you refuse to lock in a loss. That is a very foolish thing to do. 4) If you do want to own this stock, after you have two basic choices. None is going to help you get your position repaired quickly. a) But the Oct 50 put and sell another put with some time premium. Perhaps the Nov 45 of maybe the Jan 40. b) Write covered calls after you buy the shares. Note: these are not great solutions. You should learn to take your losses much earlier. Here's another point. The bid/ask spreads are outrageous in this stock. Be certain you never enter a market order. If you do try the put suggestion - you absolutely must enter the order as a spread. It's a bad situation, I recommend you find some price you are willing to pay and get out. Good luck. Mark http://blog.mdwoptions.com/options_for_rookies/
You have to be a rookie to put on an IC in an environment like this one, they work well in a low vol trend not when the market is trashing about like a snake on crack!
This is where your inexperience shows. I had hundreds of iron condors in my portfolio and did not get hurt at all on this huge down market. If you understood that risk management is essential to long-term success, you would know how to handle these types of markets. I describe my methods in great detail in The Rookies Guide to Options and on my blog. The key is buying OTM strangles for protection. Yes, that reduces profits most of the time, but not this time. This time it paid off in spades (actually in cash). Mark