There have been so many rules thrown at you that it is hard to keep them straight. It might be even harder to find where in the book they were discussed. Therefore the following is a recap of the process. At any point in time all you have to do is find where you are in the process and follow the decision tree to tell you what to do and when to do it. This is a recap and should not be a substitute for reading a fuller explanation of the process. If the recap is unclear go back and reread that section.
I. Establish position with expected moves.
1. Begin with two units 90 days until expiration.
2. Find expected move using 30 days until expiration.
3. Establish upper and lower limits by adding or subtracting expected ...
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