Addition by subtraction. When you're in a losing position with defined risk, gamma is your friend. It's what will bring your position back to profitability. However, if you're sitting in open profits and you're approaching expiration, you're likely to notice your friend Mr. Gamma starting to overstay his welcome.

In this episode, I think about ways to gracefully show Mr. Gamma the door without ruining the vibe for the rest of the portfolio party.