Legging out of a strangle feels like smart active management. The study says it does not help and often makes things worse. Kai from the tastylive research team ran the numbers on 16, 30, and 50 delta strangles comparing managing each leg at 50% versus managing the whole position at 50%. For small and mid delta strangles, results are almost identical. For straddles at 50 delta, managing as a whole clearly wins: legging out at 25% leaves too much premium on the table and costs you. Liz and Jenny walk through the study live and then show on the platform exactly what they actually do instead, which is not just taking a leg off but rolling the untested side to collect more credit. 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 Is Legging Out of a Strangle Worth It? 00:33 Legging Defined:...