Hi Coral,

Still learning !!

I priced out selling a 17Put and a 19Put to offset the current positions.

Assuming I could sell them at the "last trade value" the:

17P would net $50 ea - 13 comm ea = 37 x2 = 74
19P would net $100 - 13 comm ...........= 87
For a total of $161 realized.
This leaves me with a $275 - 161 = 114 loss on the whole gambit - clearly assuming that doing this and all expiring worthless carries no further RISK !!!

So, I save myself(recover) $161 and guarantee a loss of $114

Right now, if I sell the Puts that I own at current market (same assumption as above), I am ahead $50 less comm. = O

Seems like I'm missing something here. If I sell the lower strike puts, I'm recovering some money but essentially closing out the transaction with a guaranteed 114 loss even if Si continues down !!!

Given that there are 46 days left to expiration, it is making sense to me to just leave things alone, at least into next week and see how things develop.

Si could zoom to 30+ and I lose it all, but I doubt that will happen. At this point whether I lose 275 or 114 is immaterial. I do not think the direction of Si over the next week or two is a coin flip !!

And, given that no "clear exit strategy" for OOM futures puts has surfaced, I think I will just keep watching and see what kind of exit strategy evolves as the market evolves.

Right now, there is substantial open interest on these OOM puts [integer value strikes] and I have no clue where it comes from ??

The 15P has an OI of 5809 and I can't imagine anyone thinking SIH will approach that, so must be part of a lot of spread trades.

Live and Learn,
Thanks, Lee