How does it look now? I did a similar trade, Shorted at 6.02, shorted 7,5 puts at 3,4 and bought calls at 0.10-0.5. I made 40k in 10 days, I thought I was the biggest genius on the planet. I was all cash, so the profit should be mine right? Wrong, I was liable for the tendered shares (as you might have noticed you are too, unless you where lucky), the calls do not protect this. This trade turned out to be a loss the size of 3 months worth of profits. My account is not hurt too bad, though this really kicked my ass psychologically. But I bet I am smarter now in the future.