To manage the risk in this trade, roll the put spread down and out. This will “lock in” a loss, increase opex probabilities, keep us in the trade a month longer, and help reduce risk of a large loss.
This is a rolling trade, so don’t open the new spreads until after the old spreads are closed out.
Buy to Close CAT Jul 140/135 Put Spread @3.17
Sell to Open CAT Aug 125/120 Put Spread @0.86
Buy to Close CAT Aug 125/120 Put Spread @0.16