Yeah, but with calls, not shares... shares and LEAPS are another thing to sell very safe OTM cc's against
But seriously, if I had done this rather than going for ATM big wins all the time, I'd have serious money in the bank by now
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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
But seriously, if I had done this rather than going for ATM big wins all the time, I'd have serious money in the bank by now
Quick update for everyone...
My 255NOV17 CSP were assigned at 0400 on 11/1. They were just too DITM with little time value left. There was also no real good rolls available so I just let them go. The cost basis on the shares is $220.80.
Now that we have peaked for the day, STO 235NOV10 CC on those same shares for $.89. This is the first time I have had a CSP assigned and am now flipping and selling the CC side. I wont be upset to lose the shares, but I am hoping to sell them closer to 255.
My 255NOV17 CSP were assigned at 0400 on 11/1. They were just too DITM with little time value left. There was also no real good rolls available so I just let them go. The cost basis on the shares is $220.80.
Now that we have peaked for the day, STO 235NOV10 CC on those same shares for $.89. This is the first time I have had a CSP assigned and am now flipping and selling the CC side. I wont be upset to lose the shares, but I am hoping to sell them closer to 255.
Debating what to do with my newly acquired shares via -230Ps last week and today's -225Ps assignment. Sell 225/230 CCs for next week now or wait to next week to sell the CCs. These are all in our Roth so no tax considerations when wheeling it.
My gut feeling is wait to see if we can break 220's?
My gut feeling is wait to see if we can break 220's?
SpeedyEddy
Active Member
Ok, so you take a little profit on OTM calls (up) or OTM puts (down) on shorter timeframes (some do monthly, some weekly I saw) against the market ON TOP of what I do. ( Up until now I use short term options almost only on day-trading when the move of the day/week is very clear with the market
I followed, STO 6x 11/17 -C220 @ $7.55.
Not a crazy amount of contracts for me in case they have to be "managed" and will monitor.
Wait until at least 05:45 PST unless you’re REALLY confident in directional bias.
EVNow
Well-Known Member
What is a safe OTM call when the SP is raising ? 10%, 15% ... ? Delta of 0.10 / 0.05 .. ?
EVNow
Well-Known Member
So the only question now is should we trust the instincts of someone with such poor coffee taste
Sorry, just another coffee snob here ...
“15% rallies occur 25% of the time”…. But 20% rallies occur only 5% of the time… is this one of the former or latter?
we were oversold, but not un-objectively oversold…so, TWT
I decided to take my lumps later ... rolled the spread to 11/17 -c235/+c255 for .5 , too early to be sure but ain't feeling sub 220 for Friday, will close these out if we do move down this coming week or manage out and up again if needed.
EVNow
Well-Known Member
235 Nov 10 - Delta of 0.14 ( @0.93)
225 Nov 17 - Delta of 0.39 (@5.10)
Risk vs rewards.
Sometimes, time, effort and proximity trump (baby T) subjective quality. There is one added benefit to the local SBUX and that is it’s the ONLY place at 05:00 that my 2018 M3LR will CONFIDENTLY drive to on FSDb 11.47.7 while I check my phone, currencies, bonds, futures, pre-mkts, foreign markets and weather.So the only question now is should we trust the instincts of someone with such poor coffee taste
Sorry, just another coffee snob here ...
I could always make at home, but I’m out of Kopi Luwak
EVNow
Well-Known Member
Well, I get by... but that's a result of buying $TSLA 2015 - 2019 and HODLing until end 2021 (missed the ATH, unfortunately), not to mention the legendary $1 Jan 2021 calls that went up 220x in a few months (but were actually 3600x up if held until expiry, doh!!)You mean MORE serious money in the bank
OK, so I'm back in with 120x -p210 @$2.55 - rather modest compared to the -p220's, but a hell of a lot less stress too
Not the premiums I was after, but it's chasing that premium that often gets me into trouble, and the way TSLA has been rising since 13:40 I just didn't want to wait for a dip that might never come
TBH getting more stressed on the -c230's at this point - what if AAPL is a beat or less of a miss than expected, could gap-up overnight, eh?
Pffff....!!!
Picked up some cheap 11/3 $210 strike puts in case there's some gap filling tomorrow. I don't expect it. Still holding 10x 11/10 +c230s, 10x 11/10 -c240s, and looking to open some 11/10 -c250s.
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