In the event price stays below the short call, I generally let it expire worthless or close it out for .05 ($5) and then sell another in the next month. In the event it breaks the short call, I roll the call up and out to the next available monthly expiry in which I can receive a credit for the roll.
When I'm ready to acquire additional shares, I either buy them outright on dips or sell a 30 delta short put for a credit with the goal being to get assigned shares at the short put strike or, in the event that price doesn't dip to that level by expiration, keep the credit received -- again reducing my cost basis in the shares acquired to date.
In the example shown here, I would be selling the 30 delta short call, which would pay a credit of 1.63 ($163)/contract and reduce the cost basis of my shares accordingly. For example, if my cost basis in my SPY shares was $200/share, this would turn out to be a .815% reduction in cost basis or about a 9.78% reduction in cost basis on an annualized basis. Naturally, things never work out exactly in that way; sometimes you get more credit, sometimes less ... .