Igor,
Again i cannot buy back a call. So in my case ( 2 lot ) ,
My current delta is 6.5 and i have an SPY 40 delta (4 delta ) call = 2.5 net deltas
when I go full size on the Put side making it delta 5 without call hedge or delta 1 with call hedge..
i guess i could swap my call for 25 delta SPY ? — this is what it would like if i did what i say — looks similar to your p & l
