This market feels ready to rip higher, and I am super nervous about the upside risk in these income trades.
To reduce my deltas (while keeping the long theta intact) I am going to buy some bull call spreads as a hedge:
Buy Apr 1880/1900 Bull Call Spread @ 7.00
This reduces the total delta risk by 50%.
If we lose 1823 I will close out the hedge for a loss and let the rest of the trade stay on.