150*70 5900 MAR PEs = 10500 (3 pe)
200*64 5900 MAR PEs = 12800 (4 pe)
200*44 5900 MAR PEs = 8800 (4 pe)
200*22 5800 MAR PEs = 4400 (4 pe)
NF 6000-5700 = 300*100 = 30000 (2)
100*117 5900 APR CE = 11700 (2)
50*130 5800 APR CE = 6500 (1)
==========================
Total Gain = 84700
5 Lots of 5700 PE and 5 lots of NF left.
Consequences of have too much biased Delta:
Now
5900 Mar PEs cost 100
5800 Mar PEs cost 55
If I were to reset the excess risk taken to restore Delta. My loss would be
100-70 = 30 * 3 *50 = 4500
100-65 = 35 * 4 * 50 = 7000
100-44 = 56 * 4 * 50 = 11200
55-22 = 33 * 4 *50 = 6600
Total = 29300;
Now sell 5700 APR PE same number of lots
52 * 15 * 50 = 39000;
Nett Loss/profit: 9700 gain; This is monetary gain because we had sold Mar PE and upon reversal we are now selling APR CEs which are in stock. So the APR ones will naturally gain more in % than the march ones !! (Think of it like Calendar Spreads)
On the other hand we are unwinding the positions.
Was this a risk worth taking?
Well, yes. Because had it worked out, I would have gotten good value for, the supposedly, worthless PEs.
Current Stock 1: 5 Pes and 5 NFs. So when the uptrend comes sell the NFs. And wait for PEs to leave.