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I sometimes get caught on a trade buying naked calls or puts expiring in current month, which "get away" and are too far OTM to be worth anything.

Anyone have any tips on how to salvage a call or put that is headed to expiring virtually worthless? I sometimes try to buy a call (or put) that is nearly "opposite" in direction, but the premiums are expensive enough to discourage me.

Are there any specific strategies for buying calls and puts at the same time, to protect against extreme price movement?

Thanks, Saves
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