Underwater on options? What you gonna do?

Without knowing the details, I don’t think you’ll get any helpful responses. If your losses are small, selling out of the money calls might help to net a few $$$ to bring back to $0 or retain holdings.

If your losses are bigger, go out further in time and sell closer to ATM in the hope they don’t get assigned; and you can sell another CALL.

If your losses are much bigger, then … you may have to find other ways to mitigate the losses: Averaging down on stocks you want to keep, Sell outright and harvest tax losses, selling much further out CALLS, or buying PUTS with a much lower cost basis. You may have to sell regularly to claw back some each time.