Wiki Selling TSLA Options - Be the House

[Knightshade]

I'd laid off selling CCs going into P&D week, instead sold some 250 puts for next Friday, just closed em for ~60% profit- PROBABLY could've done better waiting till a good P&D spike Monday, but good enough to not risk damage from a miss.

Also since I closed em now with SP around 263.50 you can be assured it'll spike higher this afternoon

 

[MikeC]

Rolled today's -c260c to next week's 277.50c, pretty good premium. Still stuck with calls at 195/220/225 over the next few weeks. Opened a few -p250 for next week.

Holding some +c265 for today in case we finish today strong being the last day of the quarter and P&D next week.

 

[dl003]

IV is going higher the last 2 days and I imagine it will stay high through tomorrow. Won't be hard to have a good spike to maybe 265 as more calls pile in for P&D.

Closed some of my puts on this spike. Gonna close some 300C this afternoon.
Although I'm still leaning on more gains for 2023, the pullback might not be over yet.

 

[Max Plaid]

Back on the blower to the broker (hold for 30 minutes...) and lowered the put limit to $7.60 which then executed

So now have 30x 7/7 -p260/-c260 +$17.25 -> 3000 shares are from -p260's assigned last Friday and I still have 50x 7/21 +p200's as a safety-net

 

[adiggs]

I'm really wrestling with a decision. I've got some June '24 $200 strike calls - do I sell, or do I keep? The current price is like 4x or more of what it was a few months ago, while still being a loss. The overall loss component doesn't contribute to my decision making - the challenge is sell now a year ahead of expiration, or continue holding.

My larger picture intent with high DTE purchased calls is that I want to start looking to close a year ahead of expiration, when most of the time value is still in the option. We're a year ahead of time, so its about time to be looking for a good exit.


not-advice
Sometimes the answer is in the question. Merely asking the question indicates the answer. Time for those June '24 calls to go

 

[Jim Holder]

I'm really wrestling with a decision. I've got some June '24 $200 strike calls - do I sell, or do I keep? The current price is like 4x or more of what it was a few months ago, while still being a loss. The overall loss component doesn't contribute to my decision making - the challenge is sell now a year ahead of expiration, or continue holding.

My larger picture intent with high DTE purchased calls is that I want to start looking to close a year ahead of expiration, when most of the time value is still in the option. We're a year ahead of time, so its about time to be looking for a good exit.


not-advice
Sometimes the answer is in the question. Merely asking the question indicates the answer. Time for those June '24 calls to go

As TSLA is well over $200 can you elaborate how are these bought calls are at a loss today? I have several +C150 12/2025 LEAPS ($153 avg.) and wondering about the mechanics so I could learn and be looking out for.

TIA and good luck!

 

[UltradoomY]

I'm really wrestling with a decision. I've got some June '24 $200 strike calls - do I sell, or do I keep? The current price is like 4x or more of what it was a few months ago, while still being a loss. The overall loss component doesn't contribute to my decision making - the challenge is sell now a year ahead of expiration, or continue holding.

My larger picture intent with high DTE purchased calls is that I want to start looking to close a year ahead of expiration, when most of the time value is still in the option. We're a year ahead of time, so its about time to be looking for a good exit.


not-advice
Sometimes the answer is in the question. Merely asking the question indicates the answer. Time for those June '24 calls to go

Free roll to June 2025 - $240's.....

 

[stealthyc]

As TSLA is well over $200 can you elaborate how are these bought calls are at a loss today? I have several +C150 12/2025 LEAPS ($153 avg.) and wondering about the mechanics so I could learn and be looking out for.

TIA and good luck!

they were bought when the price of TSLA was much higher I'm sure

 

[tivoboy]

As TSLA is well over $200 can you elaborate how are these bought calls are at a loss today? I have several +C150 12/2025 LEAPS ($153 avg.) and wondering about the mechanics so I could learn and be looking out for.

TIA and good luck!

Back during CRAY CRAY (late 2021-Apr 2022), Jan 2024 $200 strike was close to $1000 ($333 SA).. June 2024 was ~ $900 so yeah it’s worth 1/4th - 1/5th that today..now I doubt anyone savvy was buying them at those prices, but SOMEONE did.

I think he’s already taken action, but it’s much better I think to take that loss. As rare as it happens I think of a LOSS as an ASSET.

A) A LOSS is better than MORE LOSS (this is the hardest one to learn)
B) Any LOSS just offsets ANY GAIN with respect to taxes due and for my options and shorter term trading positions (where there are losses taken) these are more often going to be in higher tax category than LTCG. Or of course in a retirement account It doesn’t matter much at all.
C) As they say, first loss is best loss. YMMV

At this point in Tesla history I think we’re in a much different place than when these options were most likely purchased. some better, some worse. With a 2024 June $200 strike, I think i could find a better place for any of that money in between now and then.

My assumption is this strike will only go lower in the 30-90 day time frame.

update: sorry, I thought the post said he had JAN 2024 and JUNE 2024 $200 strikes, I updated this post a tad.
update 2: I DO like that roll option though - pun intended

 

[adiggs]

As TSLA is well over $200 can you elaborate how are these bought calls are at a loss today? I have several +C150 12/2025 LEAPS ($153 avg.) and wondering about the mechanics so I could learn and be looking out for.

TIA and good luck!

Oh that's easy. I started buying the dip around $900 pre-split / $300 post-split

These were $145 when I bought them - about $92 earlier today when I sold them. Since they visited $15 or so a few months ago, I'm pretty happy about this outcome.

 

[juanmedina]

Personally I closed my Leaps in the $250-240 range for a little profit after being in red for a while.

Xpeng launched and SUV starting below the cost of a Model Y and Nio ET5 Touring around the Model 3 pricing. I wonder if this will force more price cuts in China.

For next week I have ITM 225-215cc and -250p's.

I am not sure if I should buy put and calls... Troy is updating his number at the last minute... Weird.

 

[juanmedina]

Good luck to everyone

 

[Oil4AsphaultOnly]

Hmmm, maybe it's my covered calls talking, but doesn't Troy's estimates forecast a miss on annual guidance (total comes out to just under 1.8m)?

 

[intelligator]

Rolled today's -c260c to next week's 277.50c, pretty good premium. Still stuck with calls at 195/220/225 over the next few weeks. Opened a few -p250 for next week.

Holding some +c265 for today in case we finish today strong being the last day of the quarter and P&D next week.

I wasn't as bold, took a 262.5 roll to 285 for next week for a buck something, can't remember, not by the order sheet. Irritating that I could have seen that sold call expire. Always better to get started with the weekend rather than babysit. Happy 4th all!

 

[Jim Holder]

Hmmm, maybe it's my covered calls talking, but doesn't Troy's estimates forecast a miss on annual guidance (total comes out to just under 1.8m)?

 

[Oil4AsphaultOnly]

Thank you! The last tweet was about deliveries! That explains it!

 

[elasalle]

My Jan 25 250 leaps just went positive.. 79 to 20 back to $80

Leaving them untouched for now so that they can ride the Cybertruck

 

[Jim Holder]

IIRCC last time he said this TSLA tanked soon after. Almost a “wink” hint.

 

[vikings123]

IMO this P&D number is not important to the short term price of Tesla. I have a feeling this is going to be a very muted response unless we get 480k or something in that range. 480k looks unlikely and a big miss looks unlikely too.

That said with all open weekly CCs , CSPs I went at least 10% out of money.

 

[Max Plaid]

IMO this P&D number is not important to the short term price of Tesla. I have a feeling this is going to be a very muted response unless we get 480k or something in that range. 480k looks unlikely and a big miss looks unlikely too.

That said with all open weekly CCs , CSPs I went at least 10% out of money.

All eyes on earnings more that P&D, I think...