A few days ago I suggested that you roll the calls down. I don't know what the various prices have been but the short 38 c's were probably near worthless and you could have gotten decent premium for say the 36c. In addition, your appreciated Jun puts could have been rolled down 2 pts as well, thereby booking gains on both sides.
If SLV continued down, you'd have more call premium to offset but you widened the put spread, increasing potential loss. Given that you had a pretty wide spread to start with, widening a bit shoudn't be tht problemtic. If SLV bounces, you've booked Jun put premium and you gain back more on the 38p than you lose on the 36c (higher put delta), at least until SLV gets to 37-ish.
SLV bounced back close to 38 and you would have had a little ITM pain for a day from the 36 c's but you might have been able to roll other legs (Jun puts back up on the cheap).
SLV then dropped big time and the May 36c's and Jun whatever puts could have been rolled down again. It bounced again (nearly 3 pts). Roll again. Wash, rinse, repeat.
Again, I have no clue what actual prices were but despite the add'l slippage and commissions, you would certainly be ahead of the position you initiated and held.
I mean to apply that doing the above is a categorically better approach. If the underlying cooperates (as bouncy SLV did), it works. If the UL goes totally directional, it doesn't. But if you expect volatility (UL price change), adjusting is a good way to book profits and have a chance to take advantage of taht vol.
