We could easily book a profit of about $450 on our September 10-June 10 calendar spread, which we hold with an adjusted CREDIT cost basis of 0.10.  However, since we’re positioned in the July 12.50 calls already, let’s simply roll the spread into July and try to build yet more edge into the position. To do this, we’ll need to sell the June 10-July 10 calendar spread four times (i.e., covering the four Junes and shorting four Julys). Do this for 0.50, then please let me know in the chat room when the order is filled. _______ UPDATE (10:50 a.m.):  Rolling the spread for 0.50 has been fairly easy this morning, since that price is midway between the quoted market of 0.40-0.60 (i.e., the most you would pay for the spread is 0.60, buying (i.e., covering) the June 10 calls on the offer while shorting the July 10 calls on the bid; and the least you would sell the spread for is 0.40, shorting the July 10 calls for 0.90 on the bid and buying the June 10 calls for 0.50 on the offer ).   Imputing the gain from our Sep 10-June 10 call spread to the Sep 10-July 10 we now hold will allow us to carry the spread for a credit of 0.60.  That means that no matter what SLW does between now and July expiration, we will make at least $240; and if, ideally, SLW is trading around $10 at that time, we could make as much as $640 (with the spread going out for 1.00). Keep in mind that we also own four July 12.50 calls @ 0.30 that will give us a bullish “kicker” for the next month.