Another Naked put

Earlier last month I had implemented a naked put on TCS. This position turned out to be very good. After a rally in TCS, the option lost 11 points, at which point i booked profit of 11 rs per share. For a total of Rs 2750. As the direction seemed right to me still I made another naked put on a 1760 put of TCS @ 16 rs. From what I observed that theta was meaningless and the position would change only if the stock moved. This nullifies the main reason to sell the put to collect theta gain. But we still get premium at a good rate of return. In the best scenario I stand to make another 4000 rs. The margin which is important was at  63, 000. So a return of 10% should be in order.

I do not have much idea about how to recover from a case where TCS falls drastically. That risk remains. So of the ways I could stop the fall is by buying an even more OTM put, or going aggressive and buying an ITM put. I prefer the aggressive route.

One observation regarding options is that the implied volatility seems to be high at all times. It is as though  the option market is in an constant state of fear. Volatility doesn't seem to change much. it just hovers around 30. It also appears that instead of changing a premium as multiple of days and volatility, a fixed amount is being charged all the time.Volatility seems to have a direction of its own. This makes delta very important. Also this gives some cushion to buying a call or put. A good idea could be to buy calls and put every time vol dropped below 30 and sell premium when it went to 35.

UPDATE: I found this link explaining a way to recover from failing naked puts.
http://www.optiontradingpedia.com/answers/repairing_losing_short_put_options.htm