@haribabu
We discussed hedged long / short y/day right. I tried it today, seems to be working
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For this the market needs to move in your direction. U ll lose when it goes against you or sideways.
Sideways. Yes the premium. But against, i m protected. Because i m long puts. Of course the hedge is not full but @ 50% because the delta of OTM options are below 0.50
Below 0.50 won’t help. It should .5 or above to give u 50% or less loss
Very good 
you can add one ATM call short as well. If it falls and bounced back you exit hedge at support level
u r right but for cost of hedge. I am just hoping if there is a move against, the gamma and delta of put will hopefully give me some protection
Yes I plan to do it if the market does not move much and settles in a sideways move. I will recover the cost of put by writing a OTM call.
you can simplify your strategy just by buying calls here ( mean replace long future + hedge with put by just buying a call )
u mean the pay off chart will be similar. …hmm … so ATM call right?
Do u you use any hedging to manage risk?