@Lifang Deng > When you mentioned rising rates, do you mean you were bullish on PCG, but the stock moved against your expectation? Then you sold call credit spreads to collect premium and rolled your puts to manage the risk. Am I understanding this right ? Yes. 1. 1. Utilities are a proxy for rates, i.e, they thrive in low rate environment and suffer from higher rates. I did not take that into account. 2. 2. Yes, exactly: I sold call credit spreads to collect premium and rolled your puts to manage the risk. Teh call spread is a hedge, i.e. I will lose on it if PCG moves up, but I'll make money on puts I am short. > Is the $454 loss an unrealized loss, while the positive $53 represents the net gain/credit so far? $454 is current unrealized loss. The $53 is today's gain. Teh 454 includes the 53. > if PCG keeps moving against you, would you continue rolling to manage the position, or just close it and take the loss? As long as my loss is less than $1000, I'll manage this position. This is a $100K account.