"Exiting Call Leg of Straddle"

[uexkuell]

What does it mean to "exit the call leg of a straddle"?

Am I right that this means just keeping the puts?

If you do that you change your mind from expecting a big move in any direction to betting that the underlying will be loosing ground?

[thinkingfield]

this is correct. the 'leg' of any position is just a single part of the trade. so in this case, it is selling the calls. this will leave you with the puts only so this position will now be bearish.