I will opt "for regular small gains with very limited risk". To make that possible I must mostly keep the shorts covered and trade a smaller qty. Focus is on risk. "Wing-ing" them is also an apt option... it eliminates infinite risk factor in one go.
Here is an approach you can try with August Expiry, 5 weeks to go . . .
For first 2 weeks, put in place the wings on both side and try to bring the cost down to zero by actively trading with long options on both sides depending on the trend direction.
For last 3 weeks of the expiry we focus more on short legs and build our strategy as suitable to the situation (credit spreads / short strangle with wings / IC / Butterfly, etc.)
My personal view is that at EoD we should never carry options that are short naked without protection.
now for a few days i will refrain from posting on the thread and let you implement these things if you find value in them.
Cheers :thumb: