Wiki Selling TSLA Options - Be the House

[Knightshade]

I sold some 298.33 puts for Friday on the dip yesterday expecting hiding behind the 300 put wall would work.

So far it is not working.

Still, they're cash secured so worst case I end up with a bunch of extra shares going into Q3 results... but does leave me wondering if I'd have been better off doing buy/writes this week.

 

[TheTalkingMule]

IV seems to be dropping quite a bit. Certain LEAPs look like they're down 15-20%? Gotta imagine folks will start piling in.

 

[elasalle]

good opportunity to close my Oct 21 340 CCs (which was forced via a roll last week) -- got back 30K

Looking for another opportunity to sell again

 

[intelligator]

I see lots of folks reluctant on BCS, and rightly so, if the stock pops hard you can get wiped-out...

However, I've been selling/rolling -c300's for several weeks now, I didn't do the exact maths, but I think I took around $30 in premiums so far - that's the benefit of buy-writes. The only real risk is the SP dropping below your average purchase price, even then you can still keep selling, albeit for lower premiums at that same strike and wait for the recovery. The other downside is if the stock rallies hard and you miss out on potential gains, but "potential gains" are just that, "potential gains" - since when did we ever predict the direction of the stock correctly? And then you have the chance to sell puts

The wheel on steroids...

Doing similar. Started beginning of Sep at 290 , haven't picked up that much premium as you have but am able to generate a credit each week except one where I gave back some to keep the shares. Today I rolled 9/23 -305cc to 9/30 -315cc for $1.35. I could have gone to 310 for $3.80 or so. I decided to split the difference and improve strike by 10 while collecting along the way.

 

[Buckminster]

I sold some 298.33 puts for Friday on the dip yesterday expecting hiding behind the 300 put wall would work.

So far it is not working.

Still, they're cash secured so worst case I end up with a bunch of extra shares going into Q3 results... but does leave me wondering if I'd have been better off doing buy/writes this week.

I have rolled out my -300P 10 minutes ago during this dip. $4.50 premium which is good money. Why not do the same?

 

[Knightshade]

I have rolled out my -300P 10 minutes ago during this dip. $4.50 premium which is good money. Why not do the same?

Excellent point.... just did that with the 298.33s for $4.55.

Can't imagine we don't bounce back over 300 hours before AI Day and just prior to Q3 P&D

 

[Max Plaid]

I just closed my 300ccs. There's a lot of puts at 300. I intend to resell the 300s on the recovery. Worst case scenario still my most profitable week ever.

I think the Hedges fully intend to close below that 300 put-wall and take all those shares...

 

[ReddyLeaf]

I just closed my 300ccs. There's a lot of puts at 300. I intend to resell the 300s on the recovery. Worst case scenario still my most profitable week ever.

Same here, closed all 9/30 -c300s. Will sell again on a SP pop. Also bought another Mar23 +c400 and Dec22 +c200 (in anticipation of selling a Nov22 +c200 at same price on Monday). FYI, it sure looks like we’ll hit the 200d SMA and/or the mid Bollinger band. Orders in at 292.69 and 281.89 for a few shares. Edit: and those orders hit. Edit2: yahoo says the SP didn’t get that low, but I definitely got a confirmation at 281.89.

 

[Max Plaid]

Doing similar. Started beginning of Sep at 290 , haven't picked up that much premium as you have but am able to generate a credit each week except one where I gave back some to keep the shares. Today I rolled 9/23 -305cc to 9/30 -315cc for $1.35. I could have gone to 310 for $3.80 or so. I decided to split the difference and improve strike by 10 while collecting along the way.

I just stick at -c300 as that's a clear pivot right now - I did do 15x at -c293.33 this week matching the cost-basis of 1500x $TSLA and looking to de-risk a bit by selling a few, but even they might expire...

And some of you might recall that I did sell 15x -c310 on a pop earlier this week, closed those out today for 95% profits - yes they'd likely expire, but the number of times I've said that on a Thursday only to see the stock reverse massively on the Friday, I prefer not to take the risk as they were Witten against LEAPS

From here my -c293's and -c300's can expire, exercise or be rolled, all are as good as the other... temptation to let expire and see what Monday brings, or maybe do that with half of them, I don't know... tomorrow we might get +10%, it's totally random

 

[BornToFly]

I took advantage of the dip to roll my 285CC out two week for nice premiums.
Also opened 250/225 BPS for next week.

Then to address my Dec 383/283 BPS I opened more 4X December 320/290 and 310/280s. Now I have BTC orders on the 383/283 that are good till cancelled, so it doesn't matter if the pop to close them doesn't happen until next week. I'm slowly replacing those 383 short legs with something much lower.

 

[UltradoomY]

I think the Hedges fully intend to close below that 300 put-wall and take all those shares...

Agreed - They will ride them through the P&D and dump on the call side - somewhere around $315 for the week of October 7th.
Then repeat the process before Q3 earnings.

Also, a musing from data points is (not advice or probably even correct) that the sovereign wealth fund of Norway ($1.7T dollars) is moving to a sustainable portfolio of investments and I am inferring that they have been one of the reasons we have done so well over the past 2 months - they are accumulating a large position in TSLA.

 

[ZsoZso]

OK, I closed all my CCs and rolled my BPS to next week, so I'm done with my dip-admin.
Now, the SP can turn around and start rising to the sky again.
My account is ready, come on market, make it happen !

 

[intelligator]

I think the Hedges fully intend to close below that 300 put-wall and take all those shares...

As of 11am , there's heavy 290-300 options volume >= 500 contracts. I have a 285/260 BPS that I may have to move to next week, will wait it out to Friday morning. Also have a 305 CSP, that will surely go out a week.

 

[Yoona]

STO ATM B-W before FOMC and went out shopping, just came home now to see:

View attachment 855384

maybe will BTC it tom

closed at 97%

I sold some 298.33 puts for Friday on the dip yesterday expecting hiding behind the 300 put wall would work.

So far it is not working.

Still, they're cash secured so worst case I end up with a bunch of extra shares going into Q3 results... but does leave me wondering if I'd have been better off doing buy/writes this week.

BW is my most profitable setup last 2+ months

I took advantage of the dip to roll my 285CC out two week for nice premiums.

same for my 280 BW, up 35% in 1 hr

 

[ice]

The +$100/week freight train is running me over, especially the deeper ITM calls, it's getting hard to roll. So I decided to roll my 9/16 -700c to 10/21 -720c for no debit/credit before it potentially gets even harder to roll. Potential proceed $720 + $45 credit = $765/share. I've been rolling this position for 2+ months now with no end in sight, but improved strike by $120/share, any not-advice?

originally:
5/27 -600c
9/16 -700c
10/21 -720c

Kept the 8/19 -780c as is (cumulative credit $53), potential assignment proceed = $833/share.

In the tax free account, I do feel the fomo a little bit, so I closed the 8/19 -750c at a loss because I'm worried that if it goes parabolic (think $1200+), I will not have enough cash to roll anymore. (I can't contribute more money into this account due to tax rules, limited to $6k contribution a year) I had to take a $178 loss ouch. (minus $61 credit, net loss $117, but at least i get to keep the shares if it ) I will need the shares to go to $1040+ for me to gain back this loss. So if the SP dumps then I just took a loss for nothing. Right now there is nothing open in this account, but I'm not sure if I should open a new CC or wait until after the shareholder meeting/split.

With all that said, it's mostly just missed gains, there is not actual "loss", other than the loss buying back the 8/19 -750c, definitely a good problem to have over being margin called

Rolled the 10/21 -240c (-720c pre split) $56.10 (SP around $290.78) to 12/18 -250c (-750c pre split) $58.78 (SP around $290.99) on the dip.

$10 strike improvement, $2.68 credit

 

[MikeC]

Still holding -p300, might wait until tomorrow to do a straight roll to next week. I’m expecting some support next week from upcoming delivery numbers. If not, then support from actual delivery numbers the following week.

I’m thinking that calls can’t get too cheap before blowout earnings or it will be too easy for retail to profit. So I’m also buying 9/30 300c and 10/28 320c from you guys like a degenerate.

 

[SebastienBonny]

BTC 300 CC for .34.
Also bought some extra shares today.
Looking for some recovery tomorrow or today (I doubt it will pop significantly today though) to sell cc for next week.

 

[scubastevo80]

Closed the ADBE trades mid-morning up 76% and just put on 9/30 TSLA BPS 250/230 for $0.52/each.

 

[Yoona]

alrighty, it's time to BTC and call it a day

 

[Max Plaid]

I also closed-out this week's -c300's for 96% profits today, set a limit sell, but didn't trigger -> I'm not greedy, but neither going to give them away on an irrationally, overly red day where the SP was obviously being capped below 290. Will see where we go tomorrow...

Still have 15x -c293.33 in play for tomorrow. If this dip persists then I'm thinking of 10x 290 straddles for next Friday - sure there's a risk I get another 1000x $TSLA, but would be at a great cost-basis and I'm bullish on the stock, regardless of the macro