Let us say I bough a call calendar spread. Now, at expiry of the short option, the underlying has decreased significantly, and I am approaching my max loss(i.e both the options are close to 0).
In this situation, what should I do to mitigate risk/hedge my position? Except for closing it for a loss and except for rolling it into the future?
The position is still delta neutral, so this confuses me. Because most position adjustments are geared towards making the position delta neutral. But this position is already delta neutral.