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@Dave W Yes, this scenario has occasionally happened to me. Here are a few thoughts to closing out the trade at a reasonable price: Realize that bid/ask spreads are typically much wider than normal on the morning after the earnings are released. It can often take multiple hours for them to get back to close to normal widths - especially for stocks that don't have big options trading volume or OI. Look at the value of the OTM calendar at the same strike (in your case look at the value of the 82 put calendar) and use that as a starting point for your limit order to close you ITM calendar. Sometimes put and call calendars have different prices (due to dividends or other things) but when your strike is farther away from ATM then that difference doesn't matter so much. If you don't get filled at this price, lower your limit order by small increments until you get filled. In practice, you should never have to get filled at a debit to close a calendar, regardless of what the mid-point price is. Regarding being covered on assignment - I believe you are totally covered. For example, after assignment you are short 100 shares of RHT at a price of $82. But you also have a long call that allows you to buy 100 shares (and cover your short) at $82. So your excess value is whatever time premium is left in that long call (provided that you close both positions at the same time). In your case, since it was only a 1-week calendar you're not going to have much time premium unless the stock price drops quite a bit. But worst case you would be getting out at the same price, which is the same as closing the calendar spread at zero (and ignoring any margin interest you have to pay on your short stock). I should note that for these HTE calendars, I typically go more than one week out with my long leg because when it's only one week difference the post earnings IV drop will hit the long leg significantly too. By going out to the next monthly the IV drop hits the long leg much less. This also means it takes a much bigger stock price move to have the calendar be worthless when compared to the move it takes to make a 1-week calendar worthless.