I proceeded with a straight roll of 155/185 call spreads expiring tomorrow. Out 1 week and because the spread was <1/2 ITM I was able to keep the strike while also adding a $1 credit.
I think they have a decent chance of being OTM by expiration tomorrow, and I still prefer these spreads being call spreads over put spreads (bias down over up in the share price). However just because I think down from here doesn't mean we can't be up tomorrow, next week, or even longer. If tomorrow were very much of an up day then a good roll today would turn into a bad roll tomorrow. I've only rolled 1 week though, so I'm looking for flat to down from here over the next week.
These spreads have been evolving for months now and have spent part of their life (when they were put spreads) being completely ITM. Being $10 ITM is a huge improvement. I have other spreads previously rolled out to the May monthly expiration.
I closed the -140p/110p put spread I had paired up with these yesterday. The value was down to .10 - there was too little money remaining to earn in the position to risk today being a down day and these going ITM. I'll be looking for an entry on a put spread to pair up with this call spread and earn a few bits to help pay down the loss still represented in the overall position.
This is the lens that I see my trading through. I try to maintain a short and medium term view of trend (short <3 months; medium is within the option chain, so <2 years), and a long term buy and hold thesis (or sell and evacuate
). Inside of that though, without being too fixated on keeping positions open in both directions, I'm looking to make money whether the shares are up or down, and whether they are moving up or down.
I'm more down than up from here, but still looking for opportunities on both sides.