It's not that I don't like options - they are kind of a fascinating mathematical construct - it's just that there can be, IMHO, a "seductive" allure to using them and working these spread strategies, when a much simpler method would be more efficient.
For the spread pricing one month out with a stock drop, I just kept IV the same, at about 38, and dropped the price of the stock to $45. Then, on Mar 5, the same 3 July spreads would cost a little more than approx $1000. So the original spread dropped ~$200 - $150.
For a "better" way, well that's very subjective. But something to look at is, say you were expecting the stock to move up 5% in the next 2 weeks (based on whatever T/A or fundies). Just buy the next strike, next month, ITM call. You must try like hell to get that call at at least a little discount, tho (limit order a bit under the market). Simple shorter term ITM calls are a decent (and under appreciated IMHO) high leverage stock substitute.
If you don't get the move you expected, sell it back. And if the stock moves up only 2 - 4%, for example, that ITM call is going jump 10-20% (approx) in value (yeah you could lose too, but gamma/delta, at least, is on your side). And you don't have the hassle of dumping or waiting for theta to catch up on the short leg. Of course you MUST have a positive expectation system/method for determining the probability of the stock move. But that goes for any initial spread, or adjustment, or whatever. How do you get that edge? Good question!
The big overriding factor, is if you make money and are comfortable with whatever strategy you are using, then just keep doing it. No matter what, keep the total account leverage low.
But do keep your mind open to newer methods and ideas. Build an Excel spread sheet and log the details of every single trade. Try out new ideas, in a very small size, and see how you do.
Good luck all!
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