On Jan 1, 2010 Your long a DEC 2012 put at 110 for $1700 and short two DEC 2012 puts at 90 for $950 each If you had no choice, and 'HAD' to be in the position above until expiration or prices going below 900 on the underlying, what comes to mind as to how you would sell short term premium each month, or each 3 months, if it was allowed in our intial setup rules. I know there's a million answers, and that no trader trades the same, and there's no holy grail, and on and on. Yes, that's true, but I want to observe the differences of how ET traders view the markets in this scenario as far as adjustments are concerned. You can PM me or send a passenger pigeon as far as I'm concerned, but I want YOUR thoughts. You might be thinking...... 'Me?' 'Yes you!' "You Sure?' 'What did I just say? All kidding aside, your perspective is important to me, and i value all views.