Wiki Selling TSLA Options - Be the House

[OrthoSurg]

Yeah, and because we're holding options there's absolutely nothing we can do until main, every $1 it's going up is $10k loss on the -c200's

And this is just short covering I imagine, in main the MM's might need to Delta hedge and folks might load on calls -> risk of a Gamma Squeeze in top, etc etc

Risk, doesn't mean will happen of course, but I'm closing out my short calls immediately, not worth the risk of waiting for a "good price"

Cory was saying in his video that the volume for SPY yesterday was high so he concluded it was not short covering but buyers stepping in

 

[juanmedina]

I can't win. Lost money of bought puts and now I will probably will close my $220 calls for Friday for a small lost because I don't want to play with fire. This stock really likes to cause me max pain.

 

[dl003]

this is how DITM CCs are born. If it bounces, it will hit 235 in short order. Rolling might not be as easy as you think.

Theres a reason I sold 230Cs for next week and not 200Cs this week. I think Im the only one who keeps giving out these warnings but nobody listens.

 

[Jim Holder]

Theres a reason I sold 230Cs for next week and not 200Cs this week. I think Im the only one who keeps giving out these warnings but nobody listens.

Not nobody, I took your advice and moved positions up and appreciate it.


Are you keeping the -C230's for next week or moving them further up?

 

[dl003]

Not nobody, I took your advice and moved positions up and appreciate it.


Are you keeping the -C230's for next week or moving them further up?

Ill probably roll them up $5 at the open, only because I think 222 will be reached so Id rather be proactive now.

 

[Max Plaid]

Theres a reason I sold 230Cs for next week and not 200Cs this week. I think Im the only one who keeps giving out these warnings but nobody listens.

Ha, yes, I'm a serial -ATM writer, I admit it

Never mind, closing out today for what looks like -$14 right now isn't so bad as I sold them for $4.1, will take $2.3 from the -p195's from yesterday, and the +c240's I wrote the calls against I bought for $11.4 and will be up +$6, so almost break-even on paper!

Anyway, will flip to OTM calls from here and try to keep them OTM

 

[thenewguy1979]

offload all my Tesla Puts.....changing plan onto calls for now. Crazy ride. Got some 0DTE QQQ call for now......

Going offload before AAPL earning at end of day. Dont want to play with fires too long.

 

[CHGolferJim]

I can't win. Lost money of bought puts and now I will probably will close my $220 calls for Friday for a small lost because I don't want to play with fire. This stock really likes to cause me max pain.

Or roll out a week or two to raise your accumulated premiums to the point where you could close at or above breakeven?

As usual, I over-analyzed — was within a whisker of closing all my CC last week, but wasn’t confident enough in a move up in Nov where reselling could cover the BTC cost. Maybe holding the April and Sept $300 CC a few more months will end up being the better move………

 

[Cherry Wine]

Made a small lotto play in the last hour - 20x 11/10 +c230s for $0.49 each. I like the setup for a bounce.

Sold half of these for $1.31 (+267%) - will let the rest ride for now. Also opened a small 11/10 -240c position at $0.41.

 

[dl003]

I'm still shorting AAPL into ER today but doubt it's gonna derail this market.

 

[Jim Holder]

QTA levels for today

11/3

11/10

 

[tivoboy]

TSLA has the habit to move violently, most often based on sentiment -> FOMO, call buying, short/Gamma Square, etc. As I believe we have a major sentiment shift on our hands now, I would be very cautious

Still thinking about how aggressive to be on the put side, I'm strongly inclined to write ITM for next week on the assumption we're going up, of course we don't know anything and could still drop to $185, we really don't know, but I think it's a reasonable gamble at this moment in time, so perhaps straddle with the calls at 225 - not advice for anyone else! Remember these puts are written against March +p200's, so very low risk, 20x weekly expiries ahead to roll them down if necessary, as a weekly spread would be potential suicide, as a diagonal spread it's another situation completely

Yes AAPL earnings today, but widely expected to miss, so probably priced-in

Has been a crazy couple of weeks!

25% oft the time on rallies, we move ~ +15%

$197.6 has become fairly strong support at this point..

 

[tivoboy]

Unfortunately most of us have similar tales of woe... lost all my shares in May rather than take a big loss on CC's, worked-out OK as I piled into LEAPS, and this time will be OK as I'm able to write lots of puts, but yes, we keep doing it, selling calls too close to the money when it's down and puts too close when it's up

I shall be rolling my -c200's at open up to 225, should have done that yesterday already after FOMC, but was too focussed on looking to sell puts

"Maybe this time it's different"

Nov 17, -c225 ppl don’t want to pay much for them, yet. I think you’re right on the short covering though for this moment. Another 12.5 mkt hours in the week.

 

[intelligator]

What's the consensus for Friday? Ugh, looks like I just missed the lowest opportunity to close -c220/+c240. I'm reluctant to roll up and out to next week, would rather take my lumps now.

EDIT: Or c235 for 11/17 ... ? that could be a .5 credit roll.

 

[dl003]

Now we watch for the 5th wave. If there's one higher into the close today, I'll call 194 bottom.

 

[tivoboy]

Now we watch for the 5th wave. If there's one higher into the close today, I'll call 194 bottom.
View attachment 987255

I think there’s a higher probability we end <210

 

[Max Plaid]

Nov 17, -c225 ppl don’t want to pay much for them, yet. I think you’re right on the short covering though for this moment. Another 12.5 mkt hours in the week.

In fact BTC this week's 100x -c200's @$14 and STO 11/10 200x -c230 @$1.6 -> seems far enough away to be able to roll in due time

And was sensible with puts, STO 125x 11/10 -p220 - I waited too long on the 211 dip to decided and it popped back up real fast

Interesting thing, as you all know by now, I'm writing puts against March +p200's, when I was playing with orders (couldn't decide on safe -p210, -p212.5, -p215, etc.), I noticed that writing 200x required a hefty margin, but writing 125x -p220 requires zero, no idea exactly how that works!

And I keep 75x in my pocket, just in case...

 

[Jim Holder]

For those that track GEX, it shifted up to $220:

 

[Jim Holder]

$222.50 for this Friday still paying peanuts, why is that?

 

[john tanglewoo]

Wanted to update my positions as I've been lurking the past week.

Sold 190x Jan 250 @ 4.70 - hoping the stock can stay under 250 and potential trade in a tight range, but I will manage these if we see price over 250 as I do not want to lose the shares. I've owned this stock since it was at $5/share so the capital gains impact is significant.

Bought put spread 380x for Jan 150-180 for net 6.30. This would give me about a 10x-er if the stock happens to reach the 150 level before Jan.
In addition I have a large number of puts on the QQQs that I put on a couple weeks ago to also act as insurance.

It's not a small sum of money to pay for protection, but I watched this stock go to 101 in january without doing anything, so at least this time I have some peace of mind and can sleep at night.

I also borrow against my portfolio (which has a big percentage of TSLA) to do real estate deals, so I cannot have a drop in TSLA getting me called for any reason. I don't tend to play close to the sun, however large moves in TSLA can always be expected and therefore I wanted to buy insurance.

Thank god however for a good AMZN earnings, dovish JPow, and hopefully a neutral APPL earnings. Hoping we escape this earning season and everyone still has their pants! =)