In this article on 2/27, I wrote about a potential bear put spread in the iShares 20+ Year Treasury Bond (NASDAQ:TLT) (Figure 1), betting on a decline in bonds prices. Then in this article on 3/9, I wrote about adjusting the original position in order to lock in a profit. It turned out to be fortuitous as the open profit – left unadjusted – would have eventually ended up as a loss (See Figure 3). By making the adjustment displayed in Figure 4 the trade ended with a profit (Figure 5).
Figure 1 displays the risk curves for the initial position.
Figure 1: Courtesy OptionsAnalysis.com
TLT fell from $121.29 on 2/27 to $117.78 by 3/8.
Figure 2 displays the open profit for the original position as of 3/8.
Figure 2: Courtesy OptionsAnalysis.com
By April option expiration on 4/21 TLT was back up to $123.54.
Figure 3 displays the end result if no adjustment had been made and the original position had been held until expiration. The trade gave back the$742 profit and lost the entire $973 initial investment.
Figure 3: Courtesy OptionsAnalysis.com
Now lets assume that on 3/8 we had adjusted by “rolling down” from a 7-lot of the Apr 120-115 bear put spread into a 4-lot of the 117-112 bear put spread.
Figure 4 shows the adjusted position as of the date of the adjustment (3/8) and the locked in profit of $210.
Figure 4: Courtesy OptionsAnalysis.com
Figure 5 displays the end result if the adjusted position was held until expiration on 4/21 (a profit of $210).
Figure 5: Courtesy OptionsAnalysis.com
Silver (Ticker SLV)
In this article on 4/11, I wrote about a potential straddle position (Figure 6) in the iShares Silver (NYSE:SLV). Then in this article on 5/3, I wrote about 3 different potential adjustments to the original position based on ones outlook for SLV going forward. Turns about doing any one of the three would have been a good idea.
The original trade left unadjusted (Figure 8) would have so far given back all of the open profit and would now be sitting with a sizable loss. By making the adjustment displayed in Figure 9 the trade would have added some profit from the recent bounce in SLV (Figure 10).
Figure 6 displays the risk curves for the initial position.
Figure 6: Courtesy OptionsAnalysis.com
Between 4/10 and 5/3, SLV fell from $17.00 to $15.59 and the straddle accrued an open profit of $700.
Figure 7 displays the open profit for the original position as of 5/3.
Figure 7: Courtesy OptionsAnalysis.com
Since 5/3, SLV has rallied back from $15.59 to $16.23.
Figure 8 displays the result if no adjustment had been made and the original position had been held through 5/22. The original unadjusted position has given back the $700 open profit and is presently showing a loss of $-460. 
Figure 8: Courtesy OptionsAnalysis.com
Now let’s assume that on 5/3 we had adjusted the original position into a bullish position by closing the original straddle and buying 2 June 15 strike price calls.
Figure 9 shows the adjusted position as of the date of the adjustment (5/3) and the locked in profit of $530.
Figure 9: Courtesy OptionsAnalysis.com
Figure 10 displays the result if the adjusted position was held through the close on 5/22 (an open profit of $780).
Figure 10: Courtesy OptionsAnalysis.com
Summary
One primary advantage of trading options is the potential to “lock in a profit” and “let a position ride” while “playing with the house money.” Of course, if you’ve made it this far through this article then you already known that.