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Defacto support group - I've sold everything. in part because I should have "capitulated" a long long time ago, in part tired of neverending margin calls. My account has been wiped out from a high of $9m a year ago to less than $1m today. I broke down in front of my wife for the first time as...

Sorry. Anecdotally it seems a massive amount of collective wealth has been obliterated from our group here in the last 12 months. Watching my financial life trajectory completely derail in a year certainly necessitated some soul searching too. As of today my investing and by extension total...

Since this topic is being discussed, a data point to share: I had 11/4 BPS 290/190 x 12, been rolling these for months, net credit so far ~$14. Like most of this year my timing and choice of spreads has been awful. Today my brokerage assigned the 290 sold puts leaving behind the 190 protective...

Haven't posted in a long time but felt the need to commiserate. Since the ~Nov '21 peak until today I've watched my networth drop by 75% if liquidating everything. Keep telling myself 20/20 hindsight is not helpful...but why didn't I see this coming? My plans for early retirement and...

Thanks for sharing, I will do the same with my 1200p. I haven't collected as much as you but principles are the same and I'll learn from this experience!

I'm trying this out in my Roth where I want to actively Wheel for a period of time. I had STO 11/5 1200 Puts that I rolled to 11/12 1200 Puts for a $20 credit this morning, new credit basis $80.24 per Put. Let's compare notes as we go along!

Balls of steel

I agree with ammulder FWIW I took approach #1 (buy back the short call and allow the long call to ride out) three times this year - this is highly stressful, and for me only worked once out of the three times. The other two times I took massive losses by letting the long call ride and 'missing'...

This volatility sure is interesting. I guess this is what makes traders hum? Rolled the 11/5 940/740 BPS to 11/12 750/550 BPS. Astounding to get $0.91 credit on this roll. I have no appetite for risk to the downside at the moment even if it means leaving premium on the table. I accidentally...

Feeling things are overheated, but going along for the ride however long it lasts. Back in recently with some conservative positions. 11/5 Bps 750/550 $2.12 rolled up to 940/740 today for $1.2 net credit 11/5 Bps 800/600 $2.4 will hang on for now until/unless something else declares this week Cc...

I got scared. I closed all of my option positions today and left only shares intact. Missed the 1090 peak but what the heck ever. After this year I'm tempted to just go all cash but can't bear the thought of paying crazy taxes. There's nowhere else for me to talk about this and felt I needed...

You are hitting on a key piece of spread rolling that I learned earlier this year on one of my failed bcs positions. When the sp moves significantly against your spread (threatens the spread) it has a detrimental effect on rolling options because the market basically prices the major swing into...

Curious, what were your BPS strikes and width?

Glad I closed the 1000/1050 call spreads this morning. When was the last time we had a >10% move in a day? A little painful to watch adjusted positions go -500% on paper but it's ok. I'm truly ok to have leaps sold away at $1100sp this week esp since I was already willing at $1000. Moved up my...

I had 1000/1050 closed out a few minutes ago for $7 for a $6 loss overall. Had some leftover calls to sell against and sold 1100ccs for $6. If we end below 1100 this week then breakeven from 1000/1050 loss. If we exceed 1100, I'll be forced to resolve (outta margin) and at least get a better...

I've thought about something along these lines at a much smaller scale but after going through this past year... Not advice and definitely no expert I've made a lot of painful mistakes maybe worth sharing. 1. TSLA could reach 1500 before Jan 2024, and if that happens your effective time with...

I did the same thing. 10/29 750|700 yesterday and 10/29 1000|1050 today. If we exceed 1000 next week I will sell off the 1050s to unravel the BCS and let my shares get called away at 1000.

fwiw I did this early this month in my Roth where there would be no capital gains incurred from the sale of TSLA stake, and now doing the option play via cash. Since it is a Roth no margin, scary if not careful to hold enough cash to fix a bad position, and the only other way to generate new...

My experience in my Roth (TDA) is when selling BPS you *must* have the cash to back the trade. TDA will not let you submit the order without it. If you use think or swim it will calculate this amount for you when you try to place the trade, and once submitted will automatically reserve that...

I haven't posted in a while but wanted to agree with your comments for newer or passerbys. While many have posted what I would consider wildly successful trades and more importantly strings of successful trades, I've personally been going through my share of failures in the journey to pick...

I'll be looking out for an invite! :cool:

This is very impressive. My 40 width bps at various times are all single digit credits (mostly lower single digits) and not much different in strikes, and I have some out to November. How did you manage a $69 on the short side?? Your timing must be impeccable..

With several brokers charging $0.65 per contract trade you're basically there :)

@Theshadows thank you posting the video! I watched the video as well, very interesting. Seeking your thoughts on -- It sounds like this works consistently when IV is > 50%. So during times of relative low IV (we're trending ~8-10% TSLA 52-week IV now?), does this mean we shouldn't utilize...

I have a Roth with TD and I sell cc's against my long calls. The cc's need to be at a higher strike than your long calls otherwise TD will use margin (= cash reserve in Roth) for the trade.

Thought I'd follow-up on a comment I recently left. My poor man's tracker using group labels in ToS: It's a little more work though truthfully fairly trivial if you keep up with it, to manually add/subtract credits each time you roll. Beauty is you can simply update the labels as you go...

I learned something today that is perhaps peripherally related to your BPS experiment but on the call side. My setup as follows, for the sake of easy math assume: 4x leaps 3x -680/+640 put vertical 3x -705/+745 call vertical (carried from 2 prior rolls) 2x 735lcc 2x 750lcc The put and call...

Lots of amazing activity on this thread lately. Seeing patients this week so will have to catch up and keep this brief. Today closed my cc700 for $12.4. A small credit (15.05 - 12.4 = 2.65) better than loss. Could have rolled but no time to explore today. Closed cc710 for $2.4 (net 9 - 2.4 =...

sto 50% 8/27 cc710@9 sto 50% 8/27 [email protected] Have 700/740 call vertical from last week's 690/730 roll which I'll close or roll later this week. Same with 680/640 bps.

I don't know...

Not sure all brokerages handle the same way (I think they do but each may have slightly different margin equity percent requirements) In ameritrade my margin buckets are broken down into stock buying power and options buying power. I have seen a similar margin call message whenever my options...

Certainly an interesting week. For the sake of trying to enjoy the rest of my day I've completed some transitions. I like everyone's posts on trade tracking...I don't use one but will probably start because at the moment this forum is serving as my defacto trade tracker :) Spreads expiring...

Had a little TMC withdrawal today when I couldn't access! Took today to expand on my bps positions. Increased 8/20 680/640 bps by 50% for about $10 each; increased 8/27 680/640 bps by 100% for about $12.70 each, bought a few shares at $680. Trying to sell some call verticals around 750/790 but...

I ended up rolling my 710cc to next week 725cc for $3 credit. These were 6% of my total CC basket (by volume) so was comfortable rolling!

With IV at 90 day ~0% anyone selling ICs this week?

Good day Several weeks ago I posted about my June 620cc's gone wrong when the sp made a large sustained move up. I had rolled out to 705cc expiring today. Happy to report after over 7 weeks of waiting I was able to btc for $1.5 today. Looks like I could have waited another couple hours and...

I was in the same boat and also had a panic moment. I had 620cc last week, and with the big mid-week moves rolled those out twice for tiny credits. Given the loss of time value, mine have now been pushed out to 9/17 700cc. It's not great but gives me some time to reset a bit and refocus on...

Thank you for this nice write up. Fwiw I do the vast majority of what you've described with some personal touches to fit my needs. I feel it is worth re-sharing below (credit Yoona) which may help validate your strategies and also for others trying to learn more about ICs: A couple comments...

I feel like you did it right. I did everything the opposite and well...my outcome has been opposite of yours 😂 Good news is my failures have kicked me into high gear to learn some things this year. Thanks to many here. In my weeklies I now have +560 | -580 | -675 | +685 IC. My put arm is...

Is anyone worried about this triple witching thing tomorrow? I have been watching the max pain chart and can't make sense of it. Earlier this week mega spike of 450 puts around 99k OI, today it's 66k OI which I assume was an adjustment after yesterday's fed announcement. Max pain still 560. Any...

does anyone feel like this week's max pain chart looks odd? enormous spike of 450 puts. Any possible explanations?

Sage advice. I'm going to put mine on speed dial just in case ever needed.

Forgive me I think used the wrong term. I have open calls exp Jan 22 that were unhedged when purchased. I am holding onto them since there is still time left but at the premium I purchased the sp would need to be about 860 just to break even. I think selling naked calls will either tie up...

I agree with your lessons. If using margin I recommend short term only unless you are a MM with the ability to move sp in the direction you want :). I've spent this whole year digging myself out of a bad margin position with aggressive trades that sometimes work out, sometimes don't. But thanks...

Today was interesting. My power went out 20 minutes before market close, mind you it's 90 degrees with full sunshine here today...when I had some cc's to deal with that I opened this morning, some of which were sold against leaps. I switched to my phone application but loading and getting...

Hi, I haven't checked in for a while due to work but I'm back now. Knowing others are much more knowledgeable than me, here is what I would share. The best thing about cc's is that you can always roll to either give yourself more time, a higher strike, or both for a neutral cost or preferably...

I don't know why I thought the market was closing early today. Oh well. Congratulations to everyone for surviving the week. Sharing for anyone who may benefit: In total for 5/28 -c602.5, -c607.5, -c610, -c617.5, -c620, -c630, -c675 IC p525 | -p550 | -c620 | c625 CCs: 602.5cc --> 6/11 625cc...

This makes a lot of sense imo As of this moment, I plan to roll my cc602.5, 610, and 617.5, and will allow the 620 to exercise and convert to csp next week I ended up with another -c630 position as well and am babysitting that through today As for the IC, I am 'hoping real hard' for a temporary...

Thanks for all the responses Just to clarify, my question is not about why only btc or roll, it's if you're going to btc, why not roll instead. Based on what I was reading I was getting the sense that several were simply BTC and taking a loss or breaking even. I also understand the mechanics...