What are some ways to manage/adjust a loser calendar spread

I had bought the Apr May 85 strike calendar in WMT. Now with WMT down to ~ 80, the calendar has lost over a quarter of its value. Other than just closing it out, how can I adjust / roll the position so I stop the bleeding, but maintain some upside potential should WMT bounce back to ~ 85.

 

I did the trade as a 10x10. This trade is a goner. Assuming you flatten out your deltas as shown on the chart. The negative PnL drift accruing to this position is at the worst possible place when you get to the terminal payoff. A decline in vol won't help much. Just go long underlying if your bullish.

Btw, the 85P are at the edge of what's liquid. Time to decide.

 

Thanks. Just curious, why you mention the 85 puts, since I did a 85 call calendar.

 

in case you used puts, the strikes above were illiquid. So if it went any lower, the market makers would have squeezed a lot of dimes out of you.

 

Got it, thank you