The underlying stock may increase in value in which case your options trading choices are:

• Sell the stock, buy back the call and exit the trade to avoid additional losses

• Hold on to your positions and hope for things to improve

If the underlying stock drops in value then your options trading choices are:

• Let the stock be called away

• Buy back the call option you have sold at a loss (possibly)

• Buy back the option and sell another further out-of-the-money option