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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
thenewguy1979
"The" Dog
I had fidelity before. There’s a 1 hr cutoff before closing that prevent any action for option. Got to call in to manually place the order.
Spent 45 minutes on hold and lost $0.35 in premium on the roll. The rep said that an old order didn't cancel correctly, and they've been having tons of technical problems all day.
bummer. there's many flaws in the UI... from optimal options pairing which makes it hard to put together a close or roll order thereafter, to not being able to close out a worthless option that would otherwise prevent me from opening a new position without being treated as naked. two weeks ago I had a worthless put that was leaning on my shares, preventing me from selling covered calls against he same shares. there's no way to get around that without a call. the active desk does waive the manual order fee when they have to fulfill a functionality gap. being left on hold and losing money doesn't sit well.
EVNow
Well-Known Member
NO !
I do option trades almost every week on Fridays in the last 30 minutes. Been doing that for years now.
EVNow
Well-Known Member
Quite close, no doubt helped by macros going up after Powell talks.
thenewguy1979
"The" Dog
I switched to Tradestation due to various issue with Fidelity. Maybe it was just my account. Cannot do any closing of option 1hr before closing.
Got to placed the trade manually on phone.
Thanks for the clarification
thenewguy1979
"The" Dog
SP closed at 238.83 and are currently aiming up at 240 AH.
We met and exceeded all criteria for the bullish divergence.
We met and exceeded all criteria for the bullish divergence.
SpeedyEddy
Active Member
The wicks above the last three would lure us going bearish. But I did not Bet that way.
SpeedyEddy
Active Member
Disagree on that @EVNow? So even joking and explaining it and making excuses…And what I said (fun intended)is that institutions will (really without that being their goal, so more “coincidentally”) help with the work“ by buying in and thus pushing SP into max-pain region, so machines can have an early weekend.
sorry for igniting this unneccasary dig-up. At least we’re all up to date now
EVNow
Well-Known Member
I didn’t want to continue the discussion- so just disagreed and moved on.And what I said (fun intended)is that institutions will (really without that being their goal, so more “coincidentally”) help with the work“ by buying in and thus pushing SP into max-pain region, so machines can have an early weekend.
sorry for igniting this unneccasary dig-up. At least we’re all up to date now
As with most conspiracy theories, it can’t be disproved. Just like you can’t disprove there is a cup circling that sun.
So, if you think the SP is being manipulated by MMs in a systematic manner, every week - show us the proof.
I cannot make out whether you were serious or joking …
Then why is anyone using Fidelity? Having to call to make trades is nuts.
Sounds like there needs more competing brokerages.
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Fidelity is terrible. The number of time its crapped out on me during RTH is alarming.
There are better brokerages. IBKR has been flawless
EVNow
Well-Known Member
Never had to do that (I did once to close a large number of options discretely in small batches - different story). I use Fidelity because that’s what my company uses for 401k and it’s just easy to have everything in one place.
Note that if you have a large portfolio you get premium service. For me Fidelity has been one of the best companies I’ve dealt with in terms of service. Infact can’t think of any that have been better …
No doubt there are better trading platforms.
I second some of this.. of course I use about fIve different brokerages and custodians for different reasons, but about 60% of my tax deferred assets are at Fidelity in various retirement accounts and options trading, limits, spreads, have never been a problem to open, close even in the “last hour” of trading. Never heard of that. Might have been a glitch last week? COULD be account size related, but again that doesn’t make much sense.
EVNow
Well-Known Member
Have you talked to Fidelity about this ? Call during off peak hours and ask them about it.
Also are you using the website or an app ? I almost exclusively use the app on my desktop. It’s a lot more feature rich than mobile app or the website. Let’s you roll or enter various multi leg strategies easily.
EVNow
Well-Known Member
I’m rethinking some of these.
- Close for a set profit (2/3 or 3/4). Don’t wait for expiration day.
Now I think this depends on what the SP is doing. For eg., if it goes in the direction that makes the option less likely to go ITM, it’s not very useful to close early. It’s better to close end of the week or before selling next weeks options. Otherwise it’s leaving money on the table for what might be very low risk (<0.05 delta)
- If SP gets close to strike price, roll for a small credit.
This is the tough one. Just in last month SP came close to strike couple of times (once even making the option ITM). But I didn’t roll because strike improvement was minimal as large theta was still in the option. Essentially- with say 10% OTM - SP comes close to the strike a LOT more often than it actually makes the option ATM/ITM at expiration. Rolling with minimal strike improvement makes the option more vulnerable to getting ITM the next week.
I don’t think there are simple answers here - we have to guess which moves have staying power and which ones are temporary. This usually means we need to figure out how the market is moving + is there important SP moving news.
For eg. In the recent past we have seen big sustained moves because of
- Elon tsla sales
- NACS std adoption
- GM reduction
- ?
When some new news comes - it won’t be easy to figure out whether they are in the above category or like the Elon post controversies that haven’t had a big impact. If Tesla news coincides with market news of similar sentiment, the biggest sustained moves happen - like $400 to $100 or $100 to $200.
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