Housekeeping: Apple (AAPL)

Folks, first we bought April/March $230 calendar for $2.85 debit.  Then as Apple went up but was not able to close above $230 on March expiration, we rolled March $230 calls to April $240 calls for $1.80 net credit.  This effectively converted the trade into April 230/240 call spread with net cost of only $1.05 after taking into account the credit received.  


The April 230/240 call spread has further expanded now trading at $4.  With adjusted cost basis of $1.05, we're sitting on nearly 300% profit.  Some readers have asked what now?


This is what I contemplating.  The Delta on April $230 calls is 0.56, while the Delta on May $240 calls is 0.41.  April $230 calls are going for $6.8, while May $240 calls are going $7.8.  Ideally, I would like to roll April $230 into May $240 for net cost of zero.  Given the difference in Deltas this can happen but it will probably require Apple to move above $235.  If done for net cost of $0, this will convert the current call spread into April/May $240 calendar.  


This will also turn Theta in our favor and add another full month into the trade.  And then if Apple makes a run to $240 by April expiration, we will just close the trade.  Otherwise, we will roll April $240 calls to May $250 calls for more net credit, similar to how we did it from March to April.   


This is the way how one can play momentum while staying in the game by keep converting from calendar spread to call spread, then back to calendar spread, then back to.....and we keep moving up by a month.  And as we do this, we are also cashing out periodically through net credits.  


This is just an idea and I am watching closely to see if April $230 calls can be rolled to May $240 calls for $0.00.  


Comments/questions?