Hi all, Wanted to solicit some opinions on the best practices for setting up contingent orders on your option trades. In the recent round table, Dan Harvey mentioned putting in contingent orders to close put debit spreads in the event the market rises and reduces the value of the spread. I'm a little confused on how exactly you would go about this. Below is an example: Suppose you pay $10 for a put debit spread, and want to close it out if the value of the spread falls to $5. You do some analysis that shows the value is likely to drop to $5 if the underlying rises from 1900 to 1950. You can enter a contingent order that fires when the underlying trades through 1950, but what price do you put it at?? Sure, you expect the price to be $5, but what if the vols fall further than your modeling predicts, and the spread has already traded through $5. In a fast market, you could fire a contingent order that sits there as the market continues to scream up. Alternatively, if the vols remain higher than the model predicts, you could fire an order that is much lower than mid-market, and you get a bad fill. Right now, I have alerts that send me texts when the market reaches levels that require adjustments, but I analyze the prices of my spreads first before sending an order. Wondering how others handle adjustments. Thanks!!