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If I were you I'd read a bit more, actually a lot more, about selling options and options in general as you obviously lack some knowledge in this area, to put it mildly.

Stock at 90, strike 115, selling for 25. There's absolutely no time value in this option, my friend. Your comments make me doubt you have been trading options for years, but who am I to judge you...

You seem to be very confused. You didn't BUY a put you SOLD it, otherwise you cannot be assigned nor would a rising stock be beneficial to buying a put. You sold a put, you got assigned, now you are a proud owner of the stock (purchased at the strike). You keep the premium you sold those puts...

You posted it twice for maximum effect!?:D (JK, sorry!)

For those who haven't heard the news yet. ISE has listed FX options on the EUR, GBP, CAD and JPY on 4/16. The markets look pretty tight with 0.05 spreads, but the volume is not there yet.

Liquidity!? Retail FX is only as liquid as your dealer is, which has nothing to do with the much hyped $1.3 trillion daily volume, which is the interbank market.

HAHAHA. Are you kidding!? The only commission those guys are registered with is the Bucket Shop Commission. :D

Yes, there's a huge difference between paper trading and live trading, but only you can test your system/approach in live trading and see the results. Just because your system is based on trading in expiration week or even on expiration Friday doesn't mean anything at all.

If your trading approach works then noone can argue that your approach is wrong or reckless or whatever.

Depending on the amount you are willing to lose you could just keep it and hope that the market moves down in the next 3 days. Alternatively, as jj noted, you may wanna just close it out and move on.

As I said, the slippage is just way too much. I prefer the KISS method. There is no position that will cover all possible outcomes, which is seemingly what you are trying to achieve.

12-leg hedge:confused:......'nuf said.

Although I'm a extremely satisfied customer of Thinkorswim and would recommend it to anyone trading options, but not futures. Thinkorswim is an options broker not a futures broker so if you look to make an occasional futures trade then go for it, if you are looking for futures daytrading...

Personally, I think that creating a 9-leg hedge is bit too much. The slippage alone would kill ya on this.

Yes, the premium paid is the max risk. As I said, you are correct, my wording wasn't the best I guess as I meant to mention delta-hedging compared to normal put hedging. Anyway, sorry for the confusion. (I guess the age is catching up with me):D

Deep ITM European-style puts trade under parity cause of the way the option pricing works. In other words, it's because of the inability to exercise them early.

Well, yes, the cost of the put would offset some of that profit, sorry I forgot to mention that, but the point is that you don't get 1:1 cover for the drop if the drop happens next week, cause for a full hedge you need to be delta-neutral.

Those are non-standard options, check CBOE for contract adjustments notes.

You are buying a spread so you'd use a net debit. And when you are selling a spread you'd use a net credit.

If your portfolio is fairly diversified then you could buy Mar 08 1450 puts for about 55.00. Let's suppose that the beta of your portfolio with respect to SPX is 1.2. So the adjusted value is $500,000*1.2=$600,000. The value of 1 SPX contract is 1450*100=145,000. So, 600,000/145,000=4.14 or 4...