$APP 20251205 550.0 PUT$ The volatility of the APP Strangle resulted in the assignment of my short call, leaving me with a high-risk naked short position of 100 shares at the $600 strike price, and the stock’s continued rally means I am now contending with escalating unrealized losses and daily interest charges. To address this immediate, high-risk liability, I executed a crucial defensive measure last night by selling a new, lower-strike Cash-Secured Put. This action not only generates much-needed premium income to offset the interest costs and the loss from the original short call premium, but more importantly, it synthetically transforms my short shares into a defined Short Strangle position, which fundamentally caps my potential losses on the downside if the hoped-for retracement occurs. While I still face significant risk from the stock continuing its aggressive rally past the $625 resistance level I identified, the CSP opens up a new avenue to manage the position by creating a synthetic Long Stock scenario if I am assigned again at a lower price, which would effectively close out my short shares at a smaller net loss.