Lets say I sold a Bull Put Spread of a company which would expire in 6 months. I sold the 12 strike and purchased the 10. I received $100 dollar as credit. The trade goes very good for me and THETA has been kind to me for 5 months. The premiums have shrunk and the value of the company has gained. I am figuring I will let the options expire. With one month remaining the company begins to tank and now with less than one month I am $1 out of the money and I decide to close the trade. Will THETA really help my cause, since I will need to buy back the 12 and sell 10? Seems I would still loose the $100 even though the premiums have decayed.