Managing in the money short puts is relatively straight forward once we have a well developed plan in place. The strategy I'm trading in this scenario is the covered strangle. However, my approach in an IRA differs slightly from my margin account in terms of how frequently I adjust and my trade sizing protocols - primarily because we lose tremendous efficiency trading cash secured puts (capital intensive. In this case, I'm trading IWM and experienced a 23% move against me. No matter - I will work the trade to a profitable point. Patience.
If you want an overview of the trade an detailed walkthrough, you can checkout this video: https://youtu.be/BcxlVF-7owU