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Thanks to the three of you for responding. All of you made sense and provided some excellent tools/ideas for making an exit from the spread. Much of what you suggested was reiterated by the the trading desk folks at ToS. As a part of my trading plan I have adapted the guidance you and the ToS...

I have a question about using a "stop-loss" order on a credit spread that I am short. I.e. how to protect the position if the market declines. I sold a 1405/1400 SPX put credit spread a few days ago for $1.50. The theoretical price for the spread at today's close is $1.00. I know that...