Great summary Kevin. One comment I have is that rolling the middle shorts forward introduces more downside risk than rolling upper longs in. So, in the case where IV is very low and the market has been grinding up, the M3 T+0 is relatively more stable even over the upper sea of death because IV can't really go lower and skew can't steepen further. The one caveat of rolling shorts forward in this scenario is that (absent other adjustments) you are introducing more downside risk in the event of a sharp pullback (like we had earlier this September). If you do roll shorts forward, look to manage downside risk by also rolling in lower longs -- especially if that lower roll is super cheap.