I'm hoping someone with knowledge can help me answer this question. I understand why this wouldn't have much interest b/c its a unique, complex situation. Short term bullish gap, with decrease in Vol and subsequent price decrease Can an ATM or ITM option near expiration (with little premium) outperform a later expiration, higher priced option? Can you take advantage of lower Delta, lower Vega option to increase in value less than the ITM, ATM option on a short term basis? The front month expiration can be covered in stock, while the further month, underperforming credit can be closed at a late date.