It still comes out to the following.If the Febs

expire worthless you will be long the April 7.50

puts at

about 1.25.(yicch)If they expire in the money you will be long the April 7.50 calls at 1.25(still yichh).All that other stuff you posted is obfuscation.

You made a good call about CPN going lower.Personally my position would prefer to see

it move sideways to higher but I don't have a strong opinion either way..I am just not that smart.

You talked about margin requirements...mine was only a couple hundred bucks for each option

sold so I don't know why you call this trade a "capital eater".

JUst sell the July 5 puts for a dollar +

and relax.You think too much.Sometimes you just have to go with your gut.

If CPN goes to 0,and it may I will still be in the game and on to the next trade.