Summary: Straddles always have one strike [in-the-money](https://www.tastytrade.com/tt/learn/strike-price). Is there a point when these trades should be adjusted? For [Straddle](https://www.tastytrade.com/tt/learn/straddle), we may look at the breakeven points on the trade. The probability of touching the breakevens will vary with the differing credits of each Straddle. ###STUDY: * Russell 2000 and S&P 500 ETFS (IWM & SPY) * 2005- Present * 45 DTE * Simulated selling the Straddle (50 [delta](https://www.tastytrade.com/tt/learn/delta) Call and Put) * [Managed](https://www.tastytrade.com/tt/learn/managing-winners) trades at 25% (or held to [expiration](https://www.tastytrade.com/tt/learn/expiration)) * Observed occurrences where trades touched upside & downside breakeven prices. ###RESULTS: In SPY and IWM, over 60% of Straddles saw a touch to at least one breakeven from trade execution to expiration. Trades that are not managed before touching the breakeven are net losing trades going forward. Some action should be taken, such as extending duration. Tune in as Pete, Bat and Brick interpret the results and further explain why we manage this neutral strategy aggressively.
