Von Spee's last tactical option

What could von Spee have done on sighting British battlecruisers?

Charge with the armoured cruisers and order the rest away, because he could neither outrun the battlecruisers nor fight them effectively at range.

A charge offered a desperate tactical choice rather than a route to victory. Von Spee's armoured cruisers could not outrun the British battlecruisers. They also had no realistic prospect of winning a long-range gunfight. Charging while ordering the remaining German ships to escape was therefore the only option that might disrupt the British pursuit or save part of the squadron.