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I was considering selling some BCS for 1350/1550 before close, but the climb into close was seen by some folks earlier in the week as a sign that we are going to keep climbing, so I decided to wait until next week. I did sell 880/680 and 850/650 PBS.
I should add, that now that you have those Puts, go into the Price Adjustment Tool (if your brokerage has one) and put a hypothetical SP drop to 700 into the computer. You will see how much the $23k margin requirement will increase and how much your available margin will decrease (like two high speed trains coming at each other)....Correct, but be advised that as the SP drops they will raise that $23k margin requirement on you (sometimes a lot), at the same time that your avaiable margin is dropping. That is why I like the idea of the spreads. Less likely to get a margin call since the margin required doesn't suddenly double on you.
To follow-up my own question above, the spike into close makes me feel strongly that there will be another big “gamma squeeze” move at open Monday. I bought a *sugar*-ton of OTM calls for next week 10 mins before close that I plan to sell off during the spike Monday if it happens. I sold a bunch of OTM BPS for next week that will more than pay for those calls should I be wrong.Anyone thinking about what Friday moves may look like if there was going to be another gamma squeeze Monday? If there is a quick move up in the last 20-30 mins I will probably buy some OTM calls for next week to try and take advantage. One of those good risk:reward situations I always look for when buying short-term calls (which I rarely do).
For covered calls for next week, the lowest I am going is 1,500 at this point. Only $1 but better than nothing.
I never let anything expire. BPS, BCS, puts, calls. Too much uncertainty and shenanigans can happen after close. Better to pay a little and close than wake up Saturday morning in the hole.Sold a few naked puts and used the proceeds early in the day to buy December calls 1100/ 1120. They are almost in the money already. Now I guess I gotta wait them out. Fortunately puts expire next week.
Semi-related. If you have a bull put spread, do you usually let it expire or cash it out before it closes?
Bonk beat me to it, but the general consensus here is that it is always worth it to close out short positions before market close on expiration.Sold a few naked puts and used the proceeds early in the day to buy December calls 1100/ 1120. They are almost in the money already. Now I guess I gotta wait them out. Fortunately puts expire next week.
Semi-related. If you have a bull put spread, do you usually let it expire or cash it out before it closes?
At least to start I'm going with mostly BPS in that account. And as big as the position is overall, I had to goose it a bit there at the end to finally consume all of the margin. My account is, I think, backwards from most that are using margin. I have a lot of that account in cash and I've been sizing my positions (until today) based on the cash. So as I think of it, I'm using an itty bit of margin now.Correct, but be advised that as the SP drops they will raise that $23k margin requirement on you (sometimes a lot), at the same time that your avaiable margin is dropping. That is why I like the idea of the spreads. Less likely to get a margin call since the margin required doesn't suddenly double on you.