If I have a long call whose premium has gone to hell and expiring soon, and I actually think the underlying is going to decrease more, is it a good strategy to sell to open a matching call that’s less

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sure, you can do this

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the only difference between this and a traditional spread is the timing of the entry of your legs and therefore the magnitude of profit and/or protection you receive. otherwise it’s the same setup, right? just executed at different times. you’ve still got upside protection from an assignment risk perspective, but i’m assuming your gains are substantially lower because IV dropped and you weren’t collecting premium until now.

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Less OTM to effectively open a “credit” call spread? Even though I’m net debit at this point since the long call went down so much. Thinking I can still use the long call as a hedge for the short call since I think underlying is going down more

Is this something that people do? I feel like it’s very backwards even though logically it checks out in this situation: high IV dropping, high Vega, seems better than just selling to close the long call or opening a long put for sure

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