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No. of Recommendations: 1
I can't speak for the Pro team, but my understanding is that we'll just let this spread position expire worthless if it comes to that. Right now (at least in my case) it has already lost more than 75% of its value, and the VIX appears likely to stay below the lower strike up through expiration. If it does stay below the lower strike, then both calls will expire worthless and we don't have to do anything more. If you want to close out the entire position (buy to close the short call and sell to close the long call in a single trade), you can, but I don't expect any such rec to show up. As I recall, in the rec to set this up it stated that we could have a 100% loss of capital, but since we put in an exceedingly small percentage of the total portfolio this is considered an acceptable loss. I think it also said we might have to do this same trade 2 or 3 times before we make any money on it.

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