Aren't you saying sell the Febs and buy the Aprils

1 to 1? Well that spread closed at 1.25. That spread will collapse if we go up,sideways..or if we move down slowly.You want to be long the April 7.50 puts at 1.25 or the 7.50 calls at 1.25? Why?

It doesnt make sense to put on this position and

then hedge it.What hedge will you use.