not-adviceReading into the lack of news and expectations that SMCI earnings aren't going to be good, don't know what to do other than roll until I can't ???
One idea for DITM spreads that I've been using effectively this year is a flip roll. Round numbers - you can flip roll an ITM call spread to an equally ITM put spread with the same expiration, but one strike worse, for a net credit.
I don't know how far ITM the spread is that you're talking about, but if you've got a put spread that you're really hating, what call spread can you roll that into (it'll be a bit further ITM to start, given you restrict yourself to rolling for a net credit). Do you like that position better?
One way I've used this is to flip roll half of a position. That leaves me in an overall position where a move in neither direction keeps my high % loss equally high. But a definitive move in either direction will cure one half of the overall position. Of course the other side will be a bit deeper into max loss territory.
But mostly I have been, in effect, swing trading these spreads. Each time I give up $5 on the strike, but as long as I've gotten more ahead than that first, then the overall result has been getting the spread closer and closer to the share price.
Hopefully this makes sense - all you've got to do is get the direction right as you swing trade the spreads. At least for me its a lot easier to try and pull this off when I've started with spreads that are at $25 on a $30 wide spread (there's not that much more loss to be found at that point)
Beyond the flip roll you get other permutations - a split roll where you turn 1 bad spread into 4 bad spreads (or whatever number you like). They'll still be bad spreads, but you can get them a whole lot closer to the money and resolution. This usually means increasing your total risk and potential loss. Split flip (more spreads, and of the other kind).
Ideas that have helped me a lot, but are themselves very much a source of risk.
At the end of the day, when we choose to roll a position, what we're really doing is realizing the loss on a bad position, while pairing that up with a position that we are unlikely to ever open directly, and looking for a directional move to make back from the 2nd position the loss that we realized on the first position. By rolling for a credit we maintain positive CASH FLOW, not earnings.