Max Profit: 123/contract Max Loss/Buying Power Effect: 277/contract Break Evens: 168.77/193.61 Delta: -4.36 Theta: 1.30
Notes: Going out to the November monthly to sell some premium in the highest implied volatility broad market instrument out of IWM, SPY, and QQQ. Collecting a dime short of one-third the width of the widest wing (4-wide).
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Rolling the put side up a smidge to the 175/179 for a .35/contract credit (delta balancing; put side at 50% max); scratch at 1.58.
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In spite of this down move, net delta is basically dead ass flat (.45/contract). And with the short call side at 25% max, there's basically no reason to do an adjustment roll.
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Rolling the 193/195 down to the 189/191 for a realized gain and a .24/contract credit (so, .48 for each 2x). Scratch at 2.04.
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Rolling the 189/191 down to the 185/187 for a realized gain and a .28/contract credit (.56 net per call side wing contract); scratch at 2.60 (delta balancing).
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Rolling to the 180/182 (nearly to an iron fly) for a .70 net credit; scratch at 3.30. Yeesh, what a down move.
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Covering here with 23 DTE for a 3.30/contract. A scratch if you don't count fees/comms, a small loser if you do. Best to take the buying power, redeploy in a higher probability setup.