Chapter 1 – Liquid
Preamble 7

Chapter 2 – Liquid overview and terms
Adjusting a losing trade 10
Closing a losing trade 13
Taking a profit 13

Chapter 3 – short call in collar (covered call) adjustments along with long put in married put
Preamble 16
Covered Call 17
Short Call 19

Chapter 4 – Put adjustment and married put position
Reasons to get out of a put hedge 34
Reason one – avoid an exercise 35
Reason two – it is near expiration and you have to get
out before hedge expires		 43
Reason three – the underlying has sold off and you 46
Reason four – the stock has bounced 58
Conclusion 59

Chapter 5 – Flow chart
Flow Chart 61

Chapter 6 – Long Call into call spread on expiration day
Case Study 66

Chapter 7 – Platinum butterfly hedge adjustment to close and save money
Case Study 76

Chapter 8 – rolling complex positions up or down staying in the same month
Introduction 81
Main Material 86
Criteria 91

Chapter 9 – Adjusting, protecting, legging and stopping out vertical spread
Preamble 97
Concept Overview 98
Short vertical spread going against you
Part 1 – Important variables 101
Part 2 – How it works 104
Part 3 – Criteria 111
Short vertical spread going in your favor 129
Long vertical spread going against you 135

Chapter 10- alternative spread choices
Preamble 137
Case Study in SPY 140
Decision /Conclusion 155
Criteria 161

Chapter 11- Adjusting, Protecting BWB (Broken Wing Butterfly) Spreads and Adjusting Criteria
Case Study 174

Chapter 12- BWB Adjusting Criteria
Step 1 – Consider possible solutions 181
Step 2 – Determine if adjusting the BWB makes sense for you 182
Step 3 – Determine further steps 183
Step 4 – Determine where you have risk in your position 184
Step 5 – Buy an option at the strike at risk 185
Step 6 – Choose delta neutral or straight buys 186
Step 7 – Consider delta neutral 188
Step 8 – Trade 1 up 190
Step 9 – Weigh things intellectually 191

Bonus Material