Would you have closed this IWM spread or let theta work?
u/Available_Travel_282 ·
Reddit — r/options
· August 31, 2026 at 19:52
· ⬆ 34 pts
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Sold an IWM 285/280 put credit spread with about 40 DTE for $1.18 when IWM was around 294. I was doing it on Moon and it dipped pretty hard after I opened it and the spread went to around $2.10, but I left it alone because my original thesis hadn't really changed.
Then IWM bounced back above 295 and somehow the spread was still around $0.90. I closed it for a small profit but it felt weird being basically right on direction and making almost nothing.
Would you guys have taken the small win there or kept holding and let theta work? I feel like I'm closing spreads based on relief instead of an actual rule.