Yo if I had a 126 put and then I buy back for my profits now the SPY was gonna expire this month. it has delta 36 but I only had 100 dollars left of profit but if I lost then I had to buy 12600 bucks of SPY but delta 36 means if stock goes up 1 dollar I only gain 36 cents right? so what I did is close that put made my profits I did this SPY Jan 22 '11 $126 Put -1 12/21/2010 2.36 225.23 BC 01/07/2011 1.23 133.77 91 Short Edit sold it 2.36 and bought back for 1.23 for profit of 91 dollars. and then I bought 50 shares of spy 01/07/11 Bought 50 of SPY @ $126.65 -6,342.49 Unsubscribe | Delete << Previous | Next >> Fri Jan 07 14:10:16 2011 Buy 50 SPY Executed @ $126.65 Account: xxxx-xxxx Your Day buy order for 50 SPY at a limit price of $126.65 was executed at $126.65. See order # 935 for details. so now I am delta 50 right? but half the risk? because that put only had delta 36 right so if stock goes up 1 dollar I make 50 dollars but if I had put if stock goes up I only make 36 dollars but exposed to 12600 loss maximum vs maximum loss of 6342.49 right? anyhow I put in screen of my ghetto portfolio. I bought back 2 of my 125 puts for profits and sold one of the 127 puts for less risk.