Wiki Selling TSLA Options - Be the House

[bingoz]

Yikes, looking ugly out there today!

Tons of TSLA FUD and crappo macro too... glad I went call-heavy this week:

20x -c195
20x -c185
10x -p185

Are you going to close your -185c before CPI Wednesday? I have -190c +>70% already but maybe I just let it expire or close if I get >80% by tomorrow and hope for CPI spike to sell again for this week. Ideally, I like to start the ER week without having to roll any ITM options as the IV will be crazy high.

EDIT: I've closed my -190c at 66% gain. I feel the macro is reacting quite positive to the CPI coming. Will see what it would bring us tomorrow and re-enter.

 

[dl003]

Last Wednesday morning looked like a sideway wave 4 while last Friday looked like a zig zag wave B, which means we're in wave C of C. Would have preferred a stronger bounce but the stock is looking like it's in a hurry to carve out a bottom this week. Once again, the opening gap is refusing to be filled. As long as this channel holds...

 

[Jim Holder]

Last Wednesday morning looked like a sideway wave 4 while last Friday looked like a zig zag wave B, which means we're in wave C of C. Would have preferred a stronger bounce but the stock is looking like it's in a hurry to carve out a bottom this week. Once again, the opening gap is refusing to be filled. As long as this channel holds...
View attachment 926860

So $160 area next stop?

 

[dl003]

Last stop, hopefully.

 

[Jim Holder]

Last stop, hopefully.

What trades do you have open this week and next, if any? Would love to learn how you positioned.

 

[EVNow]

Looks like TSLA is doing better than expected. Just trading its normal beta ...

 

[Vova]

I am adding an April bear call spread. I sell an additional C220 and buy a C240. Receiving USD 184. This means that my investment and max loss is lowered to USD 150. On the other hand my risk on the upside will grow if the stock price of Tesla will exceed USD 220 before the 21th of April. But I count this risk acceptable.

Position:
1 April C200
-3 April C220
2 April C240

I am bullish on Tesla. Did not except this dip.

Sold the C200 for 3,20 and bought a C240 for 25 cents. Total profit so far USD 145. That's not what I bargained for, but profit is profit. Though we still have almost 2 weeks to go.

Position:
-3 April C220
3 April C240

Later this evening I will open a new Butterly, May series.

 

[dl003]

What trades do you have open this week and next, if any? Would love to learn how you positioned.

I'm not really opening any new position today. On Friday I saw the stock making a rising wedge into 186 so that's when I rolled down my puts some more and sold 207.5C for this week. Today I'm just letting them both run.

 

[Max Plaid]

Are you going to close your -185c before CPI Wednesday? I have -190c +>70% already but maybe I just let it expire or close if I get >80% by tomorrow and hope for CPI spike to sell again for this week. Ideally, I like to start the ER week without having to roll any ITM options as the IV will be crazy high.

EDIT: I've closed my -190c at 66% gain. I feel the macro is reacting quite positive to the CPI coming. Will see what it would bring us tomorrow and re-enter.

The answer is, I really don't know... previous weeks I had closed out calls early looking to resell and left money on the table. Today it seems that strategy would have worked quite well, but I didn't do it...

I am expecting CPI to come in pretty cold though, although I see the consensus is quite lower too, so maybe it won't surprise too much...

Edit: 185 looking sticky again already this week...

 

[SebastienBonny]

Shorters were already dancing on the tables at the beginning of the day (“See those new price cuts will burn the stock!”), forgetting a new megapack factory, to give one example of positive news last few days.

Look where we are now, actually flat.
Only one position for now and that’s 210CC for 5/19.
Would’ve closed it in the beginning of the day for 4ish, but missed the big dip.
Keeping it open now and will roll if needed.
New position (cc) when 225/230 strike for next week gets to 1.50 or higher.

 

[Vova]

Shorters were already dancing on the tables at the beginning of the day (“See those new price cuts will burn the stock!”), forgetting a new megapack factory, to give one example of positive news last few days.

Look where we are now, actually flat.
Only one position for now and that’s 210CC for 5/19.
Would’ve closed it in the beginning of the day for 4ish, but missed the big dip.
Keeping it open now and will roll if needed.
New position (cc) when 225/230 strike for next week gets to 1.50 or higher.

Only one position for now and that’s 210CC for 5/19.

Good choice. I don't know how much premium you got upon selling but still this seems to me as a good sell.

Would’ve closed it in the beginning of the day for 4ish, but missed the big dip.

Why close? Of course, if you can take profit you can. But then, what will be your next move for what premium.

 

[Vova]

Sold the C200 for 3,20 and bought a C240 for 25 cents. Total profit so far USD 145. That's not what I bargained for, but profit is profit. Though we still have almost 2 weeks to go.

Position:
-3 April C220
3 April C240

Later this evening I will open a new Butterly, May series.

Choosing again the 200/220/240.

That means I buy 1 Call May 200 - USD 870

sell 2 Calls May 220 + USD 790

buy 1 Call 240 - USD 173

Investment USD 253 (transaction cost not included). Profit of USD 145 in my pocket as long as the stock price of Tesla doesn't exceed USD 220 till the 21st of April.

 

[EVNow]

I'm going to sit out the ER, like always do. Got sucked into selling calls last time because everyone seemed to be doing it ... Not this time.

 

[Max Plaid]

I'm going to sit out the ER, like always do. Got sucked into selling calls last time because everyone seemed to be doing it ... Not this time.

Thinking for a 5x ATM straddle for next week, just for *sugar*'n'giggles, and will look to close out all this week's, or roll them DOTM until the dust settles

 

[BornToFly]

F and GM both up over 3% today on the news that Tesla will destroy both of them with its price cuts and increasing sales....

(you can't make this crap up)

 

[CHGolferJim]

The answer is, I really don't know... previous weeks I had closed out calls early looking to resell and left money on the table. Today it seems that strategy would have worked quite well, but I didn't do it...

I am expecting CPI to come in pretty cold though, although I see the consensus is quite lower too, so maybe it won't surprise too much...

Edit: 185 looking sticky again already this week...

View attachment 926896

Could oil price spike significantly affect CPI/PPI?

 

[DaBooster]

F and GM both up over 3% today on the news that Tesla will destroy both of them with its price cuts and increasing sales....

(you can't make this crap up)

Why is it that only we see this and the "professionals" are apparently oblivious to their pending demise?

 

[EVNow]

Could oil price spike significantly affect CPI/PPI?

Next month ?

 

[SpeedyEddy]

Yesterday I used the dip to strengthen my holdings again (at 177 and 180). No options, because I will wait for a 190+ intraday today to sell half of maximum -C 207.5 for Friday. Thursday/Friday I will shift to safe -P for next week (165 or so, or even 145 if we would hit 170 this week already. Next week on Wednesday I plan to close. Roughly expect @dl003 to be right on last drawing. But wil act according to macro movements to.
this week down to a first stop, then Rallye into ER, at which point I presumably will be totally out of options, (or far OTM only).
My advice for this week would be to be aware of false-flagging on CPI/PPI Jobless##. Remember that we often see reversals 30-120mminutes after the first move (after the actual news). You could be squeezed into the wrong direction!

 

[BornToFly]

Sold 210CC for Friday on the opening pop. I'm worried about CPI tomorrow and FOMO Friday for ER next week (but I also wanted to sell something in case we don't climb). Don't want to get too aggressive.