Hello: I am trying to get some suggestions to salvage a vertical spread. I initially had 116/119 bear call spread on SPY. I rolled to 118/121 when SPY rose past 114 on the employment report. There was a loss on this rolling. Yesterday when SPY rose past 117, I closed out the spread with more loss, even though my calculation showed a very low probability that SPY would reach 118 by Friday. With SPY slightly down today, I am thinking maybe I shouldn't have close the spread. Optioncoach has a vertical spread thread. His ways to salvage a vertical spread include rolling up or down, buying calls/puts. Some people convert the spread to a butterfly. Anyone care to discuss the pros/cons of various creative damage control? Thanks.