This trade went in the wrong direction immediately. By following the mechanics of rolling the options, I was able to scratch the trade. It took about a month for this to play out.
The market has been on an unrelenting tear which is limiting volatility related opportunities. There is very little premium available to sell, so the remaining opportunities are more directional in nature. The probabilities of making money in directional plays are reduced, but that is where I am. I am long precious metals and commodities which I believe will do well in an inflationary/lower dollar environment. Precious metals prices have other reasons to increase as well. No one knows how long this low volatility environment will last, but it seems that equities have become untethered to fundamentals. Postings will likely be infrequent until something changes. It is a bad idea to force trades.
Bought APA Jan 22.5P/22.5C for 2.63 debit resulting in $0 profit.