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With Expiration a week away and the Vix doesn't look like it is any mood to pop, why not close out the position early and salvage what little premium could be harvested. The difference in the $17 call and the $25. call is still a cash credit, still a loss in the total trade, but a little salvaged before it all goes away?

Well, you certainly could do that if you feel like it. However, keep in mind that this is a hedge position (although more of a minor one, I think), but if we had some major market turmoil over the next week or so, this position could still turn out to be highly profitable. So I, for one, plan on riding this one all the way into the ground, if that's what it takes. At this point, mine is only worth $20. That's small change out of a portfolio of >$100K. I only put $114 into it initially--again, a VERY small investment with a fairly low chance of being profitable. That's why the position was sized the way it was. But if we have some major turmoil in the market place, this could be worth as much as $800.

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