When you enter an OTM credit spread and it then moves ITM against you, say 2 weeks from expiration, how do you adjust the position? 2 examples: short July 27.50 put currently @ 1.70 long July 25 put @ .50 stock @ 26.50, IV around 58 on both short 90 calls currently @ 5.30 long 95 calls currently @ 2.60 stock @ 93, IV around 48 on both I expect both examples to move back to the short strike, or even back OTM. The long positions in both will get crushed on such a move given 10 days to expiration- so a move to around the short strikes won't help me all that much. Because i expect a move in my favour next week, I don't want to close now. I won't sell the long strikes and go naked (not THAT stupid), and I prefer not to hold until expiration. So... confronted with this reality, what do you do to adjust the position? Disclaimer: After a string of many boring (read: not stupid) well OTM credit spreads and condors, I got dumb greedy and decided to try putting on a couple of them closer to the underlying to collect more premium (read: i decided to lose money!). So, yeah, this was stupid, and I know it. The greedy choice of strikes was my biggest mistake. If I'd have stuck with my original 'boring' choice of strikes, i'd be up in the positions, despite the fact that i entered poorly- right after the IV got dumped out. thanks.