adjust guerilla calendars (ex. Jan/Feb calendar) by taking off the postion when it hits the BE point if 20+ days till expiry. If less than 20 days monitor closely and be ready to close it. Refer to earlier post in Nov defining the parameters of a guerilla calendar.
With campaign calendars, (ex. Jan/Apr calendar, extra months btwn the long and the short) you can adjust to a double calendar if you feel the market is still in a stable mode or a diagonal spread if you feel like taking a directional risk.
Calendars are volatility plays, you want the vols to increase after you place it, if price runs up on you to your upside BE point putting on a double calendar will be a cheap adjustment as vols come down as price rallies.
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