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You have a point. I guess since I've never had to deal with price heading towards my lower strike since I started trading this around January/February, I was incorrectly interpreting the directions to mean adjust once price went 20 points below the lower strike.
But, he also seemed to be very flexible in that regard...and since my position is still profitable and my delta hasn't hit 10 yet, I wasn't in any rush to adjust. But thank you for pointing out an error in my interpretation.
If the RUT opens 30 points down on monday or more, I bet i wish I had rolled earlier...lol Because if that happens, the position will be down around $300. Still not down enough to be stopped out at my $500 stop loss price, but sucky nonetheless.
Last edited by PaceAdvantage; 10-11-2014 at 11:03 AM.
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