$APP 20251128 540.0 PUT$ 

This APP position update confirms the volatility risk inherent in the Short Strangle, with my Cash-Secured Put (CSP) expiring worthless, which is a perfect win on that side, but the short call being assigned despite closing slightly out-of-the-money, a common occurrence due to factors like sudden late-day trading or the assignment process itself. The unexpected assignment has immediately created a high-risk liability: I now have a naked short position of 100 shares at the $600 strike price, and as I correctly noted, the dual pressure of the stock continuing its rally and the daily accrual of interest charges on the borrowed shares makes swift, tight management essential. My idea of either buying to cover at the current market price (preferably after a dip) or selling a new, lower-strike CSP to effectively create a short synthetic stock position as a temporary hedge are both valid defensive measures to manage the naked risk and address the interest costs, but the key now is executing that adjustment quickly before APP moves further against the $600 sale price, defining my maximum acceptable loss and sticking to a firm management plan.