Hey Matt, Im just a dummy but what has worked for me is rolling the SPY trades which have been spot on. Using the current trade I bought the SPY 393 after hours on the 12th when the note came out 10 contracts=$22600ish iI mental stop of $2 for about a 10 % loss  it later traded up the next day  and when I had over a $1500 gain I rolled to the just in the money 405 Calls and by the time I did the trade had a 2K gain so keeping my stop margin I was at break even if it failed. Today SPY is over 415 so I rolled up again, took risk off the table and lowered my cost basis.............The numbers work as follows         BUY SPY 393C...22600 (APPRX)

.........................................................................................................................................................SELL SPY 393C ...24600 +2k

..........................................................................................................................................................BUY SPY 405C...15700  (using 2k stop now break even)

..........................................................................................................................................................SELL SPY 405C...17100

...........................................................................................................................................................BUY SPY 415C....10300...........now with the extra credit my cost basis is about 6900 for a Call selling for

                                                                                                                                                                                                                                             10300, I have a 1500 stop loss locking in a 1500 profit at the moment

Thanks for all your help....John