I have a long calendar SPY 149 strike, short Feb 15 long Mar 15. Did not close it at 22% profit as it's my first ever calendar and I was watching and waiting for reality to meet model, which it did not. Now it's at a loss, I've learned the whys and wherefores so that's good. I can close it and lose beer money, or learn a bit more. 1) Close Feb and take the realised loss, leave Mar to ride as it's showing a nice profit and SPY seems on the up and up. 2) Use my Mar 15 149 as the ITM strike in a 149-153-157 'fly. The 149 cost me 2.57, it's now at 4.31 ask so I can put on the 'fly basically free. The other possibility is 149-152-155 but at current vol I think that's a bit narrow. Anyone try this before? Opinions please. Edit: Typo corrected.