Let's say I have a long put and it's Friday. I still think it has good potential to move down but I just want to be protected over the weekend in case the trade goes against me drastically because of some news so I make it into a long put spread for the weekend.
Does it make sense to sense to unwind and sell to close the protection part on Monday so it's a long put again or should I just keep it as a long put spread? What's the typical thought process of using spreads this way?
Your question is a bit light on specifics so I can only offer generalities...
If the put is ITM, then you have something worthwhile to defend. If it is OTM, the premium received for selling an even further OTM put (converting to a spread) is not going to generate much premium so it won't be much of a hedge "in case the trade goes against me drastically".
What makes sense on Monday depends on your outlook for the underlying as well as your risk/reward tolerance (spreads risk less but have limited reward whereas long options have greater potential gain but risk more).
