pep8261 - I normally would cover the downside. But sometimes I will sell naked puts and calls (sell strangles, or just one side) 1. because it's the lazy way to get in 2. maybe most importantly - I'm not trading this name in size and 3. because it is typically much easier to defend a naked option if a strike gets challenged. For example, if UNG opens at 8 tomorrow, I would roll my naked puts down and out, most likely to the April expiry, 7 strike, to allow more time to be right and generate additional credit. Thoughts?

Because I started this trade so small, another option for defense, if necessary, would be to roll down in the same month and potentially double the number of contracts (whatever it takes to generate an equal amount of premium). This works well with SPX, but I'm not sure about UNG with the dollar wide strikes on an 8 dollar ish ticker.