The idea that you can take off a short option position when you reach a certain loss point is laughable. When markets roll over, spreads explode. There is no such thing as being able to just take off a spread at a given price. Your 10 delta vertical that you are short for .30 will go to 4.00 on one print. So if you think you can just get out when the spread goes to .60 in order to preserve the credits you have earned in past months, that’s not possible. Unfortunately in the options world, stops don't work the same way as they do for futures or even stocks. Even if you put a stop order at .60 to get out, it becomes a market order when touched and your fill will likely be 3.00 to 5.00. If you decide to hold it and wait and see, you could possibly blow out your entire account. This is not a viable risk management strategy. The only way to protect against losses in options trading is to ALREADY be long enough strikes to offset the move when that move occurs. You can't repair the position after the fact. Options simply don't work that way. In options trading is if you are going to sell juice, you better make sure you get as much juice as possible. A .40 credit ain't going to cut it. There is nothing wrong with selling premium, just make sure you are long enough options.