I made a similar mistake as another poster of putting on a collar strategy & then modyfying it as follows. Bought the Future at 719.00 Bought 720 Put for 47.00 Sold 740 Call for 37.00 ( Both put & call settle as cash on expiration. There is no such thing as exercising ) Future ran upto 760 in one day with 2 weeks to expiration. So I sold 720 put for 26.00 & bought 760 put for 46.00 Again future ran upto 815.00 next day so I sold 760 put for 24.00 & Bought 800 Put for37.00. I still have 740 call I shorted & it settled at 75.00 The future is now at 782.00 My thinking was that the future would probably retrace from the resistance & I wanted to lock in 800.00 price with a 800.00 put. Well, did I create a mess & if yes, what would be the next step to salvage anything ? All ideas would be highly appreciated. Thanks in advance.