Wide credit spread

[SanMiguel]

Roll the trade up and out. Up in price, out in time.

If trade is going to expire with stock price above 65, close the 65/70 spread and open a 70/75 spread that expires farther out in time (next week/month).

By closing it I make an immediate loss... but financed by the new spread?

 

[Bum]

By closing it I make an immediate loss... but financed by the new spread?

Correct.

Eventually you need the stock price to close below your lowest strike price so you can keep the money rather than keep rolling.

 

[SanMiguel]

In the example above, it's non directional, or even bearish ie I don't want the strikes to be hit.
Is there any such thing as a directional credit spread.
Ie buying ITM or close to the money call and selling a higher call to pay for it? Ie I want to be long by expiration?
Or even price is at 69. Buy a call at 70. Sell call at 75. Seems they are always debit trades