Hi Jeff,

I did consider that but if you look at my posts on the subject you will see that I had May 25, June 25 and Sep 22.50 puts.

The reason for closing the position at that time was so that I could repeat the process should the opportunity arise. I actually had already gained $3389 and only left $630 on the table. I was willing to do that to have the opportunity to repeat the process should MO go back down to around $28. So I was willing to give up $630 for that chance.

I actually only left 15.4% of my net premium on the table

Looking back in June with MO at $41+ the perspective is completely different and I had no way of knowing in April just when MO would go back up.

My perception of risk/reward at the time was that MO could stay in the $30 range for a while and so the opportunity to repeat was probable rather than just possible.

In this I was wrong but I have absolutely no regrets

Regards
Philip