Hey everyone! New here but trying to learn as much as I can. I have a few questions

1. Can anyone help me figure out how to calculate the amount of PUT or CALL options I can sell depending on my available cash/buying power? I want to use 50% of my available cash/bp to sell strangles but I am starting with just selling naked puts to start.

2. Is this the right way to look at managing my position? I want to buy to close my contract if I am in the green by 25% or in the red by 200% of my original credit received. I have a feeling I am going about this completely wrong!

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