This would be a second lot, Tomorrow morning.
212/210 - 206/204 Iron Condor is a good options here. Or 208/211 - 208/205 Iron Trade here. Expiring this week is good. Got to be nimble enough to hedge the losing side. Good Luck,
Just my thoughts, If dont know how to defend a losing side or when to cut it out. Don't trade this.
1. The IV crush happens on the current week. If you noticed, the IV went from 35 to 24 on the put side (atleast the ones I sold).
2. RULE - Never adjust the Losing side, Adjust the winning side and create more credit to offset losses. If you had an Iron condor, you could roll the put side, locking profit / creating a new credit. If you did an Iron Butterfly, You could lock the max profit on PCS and then bought some calls or call Diagonals and defend your losing side (risking your PCS profit). These are just a few examples of how I defend options. 90% of the time, I will not adjust a weekly options with the same week. I do not follow the traditional methods, I do things that makes more sense at that moment of time.
3. Important one - This is an event trade, not a technical setup trade. Event trades, you have to be nimble. Tech Setup trades are forgiving and don't have to be that quick.
Other options is to Sell the Options current week and buy the Options (protection) out. After the event, you can roll the Calls to the next week expiry. There are way more stuff you can do.
Yes, I have closed the losing CS side for loss, within the parameter of my risk factor.