We hold the Sep 84-May 84 calendar spread four times for 3.45. It is a conservative bullish play, but there is growing downside exposure that we should take steps to neutralize.  Accordingly, I’ll suggest bidding 1.62 for a single  May 76 put DUQX) on the opening.  If the order goes unfilled, lower the bid to 1.46 and leave it in for the remainder of the session. Check back after the opening, since we may need to adjust on-the-fly. _______ UPDATE: (7:04 a.m. EDT): Assuming stocks don’t give up much of their predawn gains, I estimate that the May 76 puts will open for around 1.47.  Let’s bid 1.51 for them, since we’ll get a lower price anyway if the market makers believe they can steal them for less on the opening rotation. Check this bid price five minutes before the opening, since I may lower it again.