Wiki Selling TSLA Options - Be the House

[scubastevo80]

So much for closing my BPS for 90% with that dump at the open....

I had orders in to close two of my 3 at 90% (were up 70%) and now they're down 70-100%... lovely. I'm only concerned with my -1025/1000 so I may roll that depending on how this day progresses.

This is probably where having dry powder is helpful...

 

[Chenkers]

The uptick rule was triggered around $1046 so that should allow a little relief and hopefully a decent recovery.

 

[juanmedina]

option selling has been challenging the last few weeks... Maybe I see puts and calls only in my future haha

 

[corduroy]

I think I'm going to switch to options selling on KO, where an exiting week means a $1 move.

 

[InTheShadows]

Now that’s what I call a MMD.

Rolled my most risky spread for even to next week. -1150/1080. Only one contact. It was my I dare you spread.

 

[Tslynk67]

I find that a little to risky. Two weeks is a lot of time for TSLA to move.
I'm playing the Nov 19. $750 put backed by cash.

Plan is to close them by Friday...

I hope everyone is OK out there - quite a ride we had there

 

[mickificki]

rolled my 20x 11/12 975/870 BPS out a week to 20x 11/19 900/800 for a small-ish debit( - $0.40). A little too close for comfort. Wondering if I should've waited until sp was under $1000 to roll...hmm....

 

[BornToFly]

Wow, rolled my 900/650 to 900/700 for next week for over $5

 

[OrthoSurg]

Wow, rolled my 900/650 to 900/700 for next week for over $5

How did the value of the Jan 2024 CC move in that crazy dip?

 

[jeewee3000]

Am I crazy to not want to roll a 11/12 -1150/+1050 BPS (yet)? In the sense that I think we'll end the week above 1150.

Or should I buy the extra time now to prevent mayhem?

 

[Tempus]

gah, was in the process of putting in close orders to my spreads at 80% when we hit the roller coaster. 5 more minutes! I could have happily opened new ones to double dip for the week. instead my spreads are down in the 30-40% range after that craziness. Looks like i'm back in wait mode for now

 

[samppa]

Rolled my 11/12 -1100/+900 bps out by a week.
Managed to roll to 11/19 -p1065/+p865 for minimal credit! A very nice strike improvement. These $200 wide spreads are a breeze to roll, $300 wide might be even better..

 

[OrthoSurg]

Always surprising to see a 100B drop in market cap in less than 30 mins. Almost feels the same way as if Elon had sold half his shares this morning.

When the stock was going down I sold for 2 puts at 995, 4 puts at 915 and 8 puts at 725 for 12/11. I’ll call it the noob laddering puts technique. Can’t wait to start rolling my 995 put for next week once it gets ITM during the >6% usual MMD. Hope we don’t have 9% drops every f day. I’ll have to get myself a pacemaker installed.

 

[Tslynk67]

Am I crazy to not want to roll a 11/12 -1150/+1050 BPS (yet)? In the sense that I think we'll end the week above 1150.

Or should I buy the extra time now to prevent mayhem?

I've not remotely worried about the 800/890 I just opened for 11/19 (other than missing out on 2x the premium), the 20x p1155 sold yesterday are looking a bit unwell, but they can wait until later in the week - I deliberately sold naked as they're way easier to roll than spreads, at least for those of us that din't have a roll feature with brokers, but need to perform separate buy/sell/buy/sell trades, not always easy when the SP is so volatile

 

[OrthoSurg]

I've not remotely worried about the 800/890 I just opened for 11/19 (other than missing out on 2x the premium), the 20x p1155 sold yesterday are looking a bit unwell, but they can wait until later in the week - I deliberately sold naked as they're way easier to roll than spreads, at least for those of us that din't have a roll feature with brokers, but need to perform separate buy/sell/buy/sell trades, not always easy when the SP is so volatile

Now, you see, that’s interesting. I have no roll option from my brockerage platform. That’s why setting up BPS closer ITM would be a pain in the a$$ to adjust rapidly in a catastrophic drop. Can’t wait for all my funds to be transferred to IBKR to live a happy life thereafter.

 

[stealthyc]

Just in case we were looking at a multiple day slide I rolled my 850/950p to 770/870 for small credit

 

[FS_FRA]

I can roll my 11/12 -900/+700 BPS to 11/19 -900/+700 for close to $7.

Any not advice suggestion?

I'm also happy to just leave it, as I don't think we'll get down to 900 this week, particularly as the uptick rule is in effect now until after trading Thursday.

 

[BrownOuttaSpec]

Just in case we were looking at a multiple day slide I rolled my 850/950p to 770/870 for small credit

How? I assume you changed from 11/12 to 11/19 date?

 

[adiggs]

Bingo. I totaled it up this morning and I've got about 150k max loss risk from 7 open positions of this 25% (closer to 33%, now that I look at it) gain 20 wide spread type. That's like 5% of my cash. I'm working on a more detailed explanation that I'll post later (apparently I touched a nerve).

Rather than 'touched a nerve', I would go with 'eager to learn'. I know that I am.

Whether I follow in your footsteps, a little or a lot, is of course my decision and will yield my own consequences. I like being exposed to new ideas and assume that others do as well, thus my own posts along those lines. If something is interesting or new to me, then I assume it will be to at least some others as well.

 

[stealthyc]

How? I assume you changed from 11/12 to 11/19 date?

Yep!