Legging out of a strangle feels smart in the moment. Stock rallies, your put goes to a 5 delta, you close it and pocket the credit. You just got more long without adding risk. But does it actually improve your results over time? The tastylive research team studied 45-day one standard deviation SPY strangles since 2013, comparing managing the full position at 50% versus managing each leg independently at 50%. The answer is almost identical across all delta levels except one. When you get to large delta positions like at the money straddles, managing the whole trade clearly wins. The largest loss shrinks by about 10% and the complexity stays lower. Helpful links: tastylive: tastylive.com Get Tom's pre-market analysis every morning: tastylive.com/newsletters FREE Options Strategy Guide: tinyurl.com/bp9ms763 Follow tastylive on X: x.com/tastyliveshow CHAPTERS: 00:00 Today's Market: Nasdaq Down 400, Bonds Down 17 00:45 Is Legging Out of a Strangle Worth It?...