With exactly 21 DTE to go in the August cycle today, we look to manage all the positions in our portfolio that need to be managed. The reason why managing at 21 DTE is so important is that it allows us to avoid any of the gamma risk that comes with holding positions very close to expiration. Furthermore, this is more relevant for our undefined-risk strategies, as gamma risk is a much bigger issue for undefined-risk positions, as opposed to defined-risk positions.
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