Am I right in saying that if the underlying share price is below the exercise price on an installment. You've pretty much lost all your invested money? my specific example.. INPSTB has a exercise price of R55.50. If it closes out on the LDT below this level the formula to roll you over no matter how many installments you own will be negative i.e. you lose all you cash.. (so averaging down would be an exercise in throwing away money)