Hi Coral,
A little more, current situation:
[Preserving table columns is a BIG pain]

SIH11...Put/Strk......Last Value.....Last trade......OI
29.605..P18.............20..............0.004...........1014
29.605..P20.............60..............0.012...........4899
28.671..P18.............65..............0.013...........1012
28.671..P20.............150.............0.03............5097

Keep in mind, this is mainly an exercise in gaining a better understanding of just how these futures options trade/behave over time with the variation of the underlying as expiration approaches.

Right now, I'm net ahead, although still behind on the 18P's. If silver keeps dropping, which I expect the picture will continue to improve, but there is a point where one has to exit and that is much of what I want to learn from this exercise. I DO NOT expect either of these to go ITM, if they did, I would be happy as a clam, but still unclear as to how to make a "graceful exit" [more on this later].

Would appreciate comments. There has to be someone out there that has fiddled with OTM futures options.

Thanks, Lee