I have just got into options trading recently. I learnt selling strangle to make a profit from IV crush. So I've been doing that for the past two weeks. It was working great. Today I saw this stock called AppLovin and it has an insanely high IV. So instead of suspecting it, I went ahead and sold a strangle strategy. My call leg strike price is 455, but now it is 492. So now I what I see are two options:
1. Try to roll over. I've never tried this before so I don't know what is a good roll over option. Do I pick a call/put that expires next week with the same price to break even with the loss?
2. Just take the loss. I don't have enough money in my bank account. I was just trying to make some extra dollars on top of my salary.
This my first time seeing such a huge loss in my account. What do you guys think? Thanks in advance!!!