It looks like I need to be prepared for adjusting my BCS as well. I have not had to do this before so looking for some advice from the more experienced folks here. The last time I was in this situation with BCS getting close to ITM, I panic closed the position on Monday eating a big loss. If I had waited till Friday, it turned out the BCS would have been OTM and profitable.
This time around, I wont panic close
The BCS are at -c1100/+c1200. Since we ended at 1024 today, there is still some room till they start getting close to ITM. My plan is to wait until Thursday before trying to roll them out to next week. If they are OTM at that point, I will just close them out. If they are ITM, I will need to roll out to next week.
How long can I safely wait with respect to SP? I remember @adiggs mentioning that it is possible to go up to about halfway into the spread for a no debit roll to next week. So does that mean I can safely wait till SP is about 1150?
This time around, I wont panic close
The BCS are at -c1100/+c1200. Since we ended at 1024 today, there is still some room till they start getting close to ITM. My plan is to wait until Thursday before trying to roll them out to next week. If they are OTM at that point, I will just close them out. If they are ITM, I will need to roll out to next week.
How long can I safely wait with respect to SP? I remember @adiggs mentioning that it is possible to go up to about halfway into the spread for a no debit roll to next week. So does that mean I can safely wait till SP is about 1150?