不知道为什么很多人不理解sell put roll up 的目的。用MU的例子看

上两个星期卖出700 put for $107, 650 put for $91

When we say roll up, it means close the above position and open a new sell put (ie, buy back the put sold last 2 weeks and sell a new put with higher strike price)

今天这两个put买回时，每个put盈利$40 (because stock price has gone higher).

然后卖出800 put for roughly $110.

All in all, you now have $150 premium buffer for each put contract you sold with strike price of 800. If MU stays above 800, you get all these free. Your breakeven price, if assigned, is if MU dropping to 650.

And if MU does crash tomorrow, you can roll down 800 put to manage your risk