My NAL trade was moving against me, which I thought was strange. So I took a look. The short option IV went to 62.73%. The long option was still at 44.81%. The bid/ask on the calendar is 0.15 / 0.40. Making this a hard trade to get out of without taking a huge hit on the bid/ask. But no matter what the volatility is, an out of the money option is still worth $0 on expiration.

I think it is still a good trade. The fundamentals haven’t changed. I can not see NAL going above 17.5 and I thing the volatility will still be around in the next 15 days when I get out of the long side.