TWTR - Selling premium into high IV environment

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This morning I sold 160 strike naked puts for $1.06 credit each. These options have a 30 delta at the time. This is a neutral to bullish strategy. The idea behind this trade is a contrarian play into high implied volatility . The idea being that after such a massive selloff the bears will exhaust soon and we will see a pop in price and volatility will come out of these contracts when that happens.

My defensive strategy will be if TWTR continues to fall and breaches the break even of my short puts I will then convert this trade into a short straddle, selling the 160 calls, which will neutralize the deltas (reduce directional risk), and will also collect premium to further extend my break even and reduce cost-basis.

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ملاحظة

*Correction, the short put strike was a 30 strike