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Sorry to hear about your problem! One other thing to keep in mind is that max loss spreads like that should be very cheap to roll one more week. I've got the same 1100/1000 spreads for 5/13, and I think it cost me like $3 to roll. I agree with others that 1000 again in the next week (after...

If he's going to follow a pattern of selling ~1m shares every Monday for several more weeks, the inflection wouldn't wait for 4 weeks (9 Mondays left on those sales). It should be when he's almost done selling every day, which is possibly by Thursday. That's one possible scenario, at least.

I see 3 possibilities: 1, exactly what you said above 2, Elon for some reason choose not to sell any shares today, and this is what the normal price action looks like without him selling 3, Double bottom around 987 spooked the shorts, and they're covering / longs thinking we've hit the bottom...

Wow, what a day! On the one hand, I'm glad I typed up that list of ways to manage positions, because I feel like I used about half of them today. On the other, I learned that I was too heavily in naked puts and BPS with 100-200 wide spreads (30% of my account in those was too much for this...

Bingo. I totaled it up this morning and I've got about 150k max loss risk from 7 open positions of this 25% (closer to 33%, now that I look at it) gain 20 wide spread type. That's like 5% of my cash. I'm working on a more detailed explanation that I'll post later (apparently I touched a...

Exactly. To me, this is "safe". To everyone else on this board, it's a gamble. I can manage the expected moves of the SP with very little problem. I can get in and get out and make informed decisions. What gets me is the unexpected moves, which could turn that 1% gain into a huge loss...

But what if the SP gapped down 200 points before the options market opened? You can't always manage these things, especially under stress. I agree that's super rare, but that's also the definition of black swan. I think ultra wide spreads are fine, so long as you've got the cash to roll or...

My typical trade of this type is Low volume (x10, x20), 20 wide, and about maybe 30 points away from the money. With the high IV I've been able to get further away from the money recently. I'll have several of these on at once at different strikes as I feel out the week. Another example...

No, but what if the black swan is the week you started this strategy? And would you rather spend 4 weeks building back your reserves or 22? (well, 2 weeks or 6-11, in the more likely scenarios were you close early) Example 25% ROIC trade (I used to report these, but they're directly counter...

Absolutely, edit it however seems best to you. This is a group effort, so far as I'm concerned.

For the FAQ (I've been working on this over the weekend, but just finished it up) Managing Spreads As I see it, there are 3 main categories of management: Closing, Transforming, or Adding Leverage. I'm going to list out the management strategies that I've collected from the forum and then my...

I moved to all cash (well, 95%) on Friday, and so far I'm loving it too (especially after Elon's tweet, smh). I probably qualify as a "big dog" investor now, as I hit my retirement target last week, and will be transitioning out of my job later this year. Main reasons I went to cash: I don't...

I... love this trade. My version: 11/12 975/1000/1450/1475 @ $3.49 240 points to the downside and 210 points to the upside for this to go bad on me; plenty of time to fix things if it looks like it's going bad. And since I think 1300 and 1100 should be strong support/resistance I feel...

For TDA at least my longer dated options don't give me any margin benefit at all. I'm pretty sure this varies by broker. Shares (I have very few, but plan to start loading up if we see a pull back) give (I think?) 60% margin or so. More than I expected, at any rate. So I maintain a large...

I've got a ton of margin, but I'm only doing one contract at a time. Also, I have so many random positions open I think it only took like 60k margin instead of the 200k or so it should have.

It's a naked put position, so I'd just roll it if the price reversed. And then my other short calls would be in better shape at least. I'm planning to close it this morning for almost full value (I hope).

There is zero reason not to roll your DITM LEAPs up, as they're already 1 delta. I'd roll them up to about .9 delta (same date is fine) and use some of the proceeds to increase your # of LEAPs so that you maintain the same delta, and use the rest to do whatever you think would best recover your...

You can use the margin to flip roll to a BPS one contract at a time. I started that process yesterday (I've got about 15 CC that I decided to roll instead of take a loss on from the run up), and it's working so far. Sold 5 x 11/5 1145p to cover 1 x 11/19 1180cc.

I've covered my strategies here before, but for the ITM strategy, it's very similar to just buying a long call, but with capped gains. So in the example I used above 1275/1250 @ $22, I risked about 9k (30 x $3) to make a max of 66k (30 x $22). As the strike gets closer, this slowly gains value...

Those were what I use in place of LEAPs. I hold long calls at around .9 delta about a month out. These don't cost much to roll and are like half the cost of a LEAP. I use the excess to sell puts. So I was taking profits.

It's getting too rich for my blood. I took off about half of my long term rolling calls today: STC 22x 12/7 900c These are my main delta position, but I've still got about that many left on. I expect us to go up to 1300 at least at this point, but fear and greed are getting a little high for...

When this happens, I think it's market forces rather than a nefarious monocled tophat wearing billionaire. I was suspicious the opposite of what everyone was expecting would happen after Q3 earnings because of watching my own behavior. Even though I didn't think we'd see a large dip, I still...

ATH is price discovery. We don't know how high it could go, and we can't trust call walls or put walls as much. Selling BCS either far out in time (3 weeks?) and/or money (1300s?) then manage it if we breakout is what I'd do. It will probably find a ceiling next week or the week after and...

I'd pick 3 and think of it as a hedge against the market crashing (which it probably will before 2024, right?). Also, you can always roll those out and up once we get closer to 2024. If one bad trade wiped out of my cash, I'd say that I'm not leaving enough cushion in my account for repair and...

FWIW, The Stocks Channel thinks we are likely going much higher if we get above 1080:

I've been using 20 wide for the safer ones (it looked like we would end the week between 1030 and 1050 to me earlier in the week) and 100 or 200 for the ATM plays. My plan was to roll them into next week if needed, as I expected us to go up from here sooner rather than later. I think we're...

I've been selling BPS at 1000, 1030, 1050 and even 1070. 1000 seems relatively safe for next week to me, and good premium. It's been a very good week for me.

WSB has landed?

10k is plenty to sell an Iron Condor. I was doing that in one of my IRA accounts with a low cash balance and still making like 1-2k per week. It snowballs fast, but it's a little risky using the entire account like that.

I tend to agree. From the options OI chart, it looks to me like the ideal MM price right now is just above 1030 (the crossover point) to just below 1050: Lo and behold, we're trading right above 1030 in the premarket immediately after OI data is released. (run up from 1018ish starting at...

That sounds like a good strategy to me. I fortunately waited to sell calls until later in the day, for the most part. 1050c @ $3 (rolled these to next week 1090c - ow) 1100c @ $11 1200c @ $4 I feel like I've done a month's worth of trading today, but I can't decide if we're going up or down...

Call me Icarus. I've been buying ATM or near the money BPS since Friday, and am doing more of those now. I put on 11/12 990/1000 BPS at $9 that is looking like not such a hail mary right now. Closed a LOT of positions this morning and reopened more assuming that we're going to hold 950. I...

We also have 2 gaps to close, one right around that level, and another one at about 820:

I closed my IC (700/720/880/900) for about a $4.6 per contract loss, and opened some 910cc @ $5 and again at $8. Also transformed my 11/26 600c to 11/26 700c as planned. Also have closed a few BPS that were 70-80% profitable. I have a lot (for me) of cash sitting around that I'm scared to...

One thing to keep in mind is that most folks in this tread aren't trading with all of their possible margin/cash. So even if the stock falls 15% overnight and doesn't recover prior to the expiration of a spread, at most we would be out the percentage of our of our accounts that we're selling...

Ok, so plan and performance. I don't have a lot of time left to post, so I'm going to try to make this quick. I did about 40k last week, mostly from puts, and this was in line with my best weeks. I mostly sold BPS around 750, but a significant amount of ATM or ITM BPS on the way up that I...

I had some time to do a little research this morning that I wanted to share with the group. I also want to share my plan for the week and results from last week, but I'll do that in another post. Last week Gary Black had a tweet that really piqued my interest: If institutions BMed to the...

I'm thinking of closing about half of my "LEAPs" (which are actually like 6 weeks out; I just keep rolling them to free up capital while maintaining higher delta) just prior to earnings, then reopening on either the dip, or IV crush. I'm not sure if I really want to do this or not, as I don't...

I sell both ATM and ITM BPS fairly frequently. I'm looking to balance out my 10% premium on capital risk trades with a few smaller ones that are 50/50. I'm ok taking a small loss, but stress about the trades that are sold way OTM going bad. I've done very well trading slightly ITM BPS...

Playing around with cheddarflow, and wow, I knew TSLA had an active options market, but I had no idea to what extent compared to other companies. If I'm reading the data right, we were the top options market by a factor of 2 last week: What makes me think I'm reading this wrong is that I...

I signed up to Cheddarflow maybe two weeks ago. I'm not a huge fan, honestly. I'm not sure in which direction the trades are happening. Eg, this is what it looks like right now: Is that 216 contract order for 840 calls being sold or bought? No way to tell, that I know of. However, I can...

I was moving my account from a personal to a business account last week, so I didn't do as much trading. Also, I'm trying to keep it to 2 days a week, as I tend to do better when I don't constantly adjust things, and I'm still trying to work ;). As I mentioned a couple of weeks ago, I...

After getting squashed last week, I closed out basically all of my options other than long calls this morning. Closed my spreads and lccs for about a 10k net gain and freed up a ton of margin and cash. Then I opened some more conservative put spreads (for me): STO 10/1 650/750 @ $7.65 STO 10/1...

Vote on the infrastructure bill looks like it's not going to go well, which could torpedo EV credits is the only thing I can think of that's brewing. We can't have an "accidental" FSD crash yet because the button will take at least a week to give it to anyone new.

I got absolutely creamed picking up pennies in front of the steamroller today: STO -760c/770c @ $1.25, ended up closing @ $9.25 or so. No more risky spreads on a Friday hoping for the MMs to step in for me. I kept thinking that we'd see an end of day dip to at least 760, then at least 765...

What site are you using for this? Thanks for the info, btw, I'm in some -760c that have me quite nervous, lol.

I'm an ordained minister, but I work in a denominational governing body (from home), not a church. I've also got a small business, so I'm a busy guy, but I've got people helping me do my job. That's why I'm not active on the forum during the day much though.

Nope, sorry. Came up with that not-advice on my own and I'm not making videos of my trading strategies yet, lol. I started this out by buying maybe 50 deep (600s when the SP was about 650), but that's a little risky, as the SP falling below your strike will mean you need to use margin to sell...

I'm in 600s, 700s and some optimistic 800s. Very little stock. I also do something that's a bit different than what I've seen here that I wanted to share. I actually roll my deep ITM long calls week to week about 1-2 months out instead of buying year+ LEAPs. Once they're deep ITM it costs...

I'm trying to be patient as well, but 732 is acting as support as the 20SMA on the daily chart and as a prior resistance/support level. So I dipped my toe in with this when we bounced off of 732 a couple of minutes ago: STO 10x BPS 730/710 @ 5.21