I'll play -- so, if only given the buy/sell choice, yeah, I'd sell. But as I write this: $1.30 IC = 60¢ puts + 70¢ calls. puts short-δ = -0.09, vertical-δ = -0.015 calls short-δ = +0.06 vertical-δ = +0.028 ---------------------------------------------------- position-δ = +0.013 But if I went to Sept.28, at the very same strikes, I could get $0.80 IC = 45¢ puts + 35¢ calls puts short-δ = -0.06, vertical-δ = -0.019 calls short-δ = +0.04 vertical-δ = +0.019 ----------------------------------------------------- position-δ = 0.000 So, I can get 60% of the revenue, for a fraction of the position risk, AND get an |increase| of position-Θ from -0.11 to -0.14, "Oh Yay, Team!!" Same thing plays out, FWIW, if you go to equivalent δs.... So, Rinse&Repeat, and whether you're holding to expiration or not, you're nearly doubling the original theta.