I used the search and couldn't really find anything. As I keep reading and learning I realized that there was something pretty obvious that I needed to understand before I go any further. Lets say I bought a 50/55 XYZ call spread. The spread is now ITM with a couple weeks till expiration and I realized maximum profit. I do not want to further speculate on XYZ. So do I sell my 50/55 call spread or buy a 50/55 put spread? This has to do with box value, which is the difference in strike prices divided by the interest rate for which ever length of time till expiration. This box value is at a discount before expiration due to carry cost and is compared to the price of both opposite spreads added together which will reveal which spread is a better deal. I hope that I am correct there, if I copied out of the book I probably would prolong the learning process. I cannot find any information on the web and the book I am reading is kind of vague. It just seems obvious that when I want to iniate or exit a trade I have to see which is better... selling/buying back or going opposite to market neutral. Does anyone take this into consideration given the two possibilities?