Wiki Selling TSLA Options - Be the House

[TheTalkingMule]

I think we're in a good zone for selling nothing. CC's could get steamrolled all the way to the May 20 expiration. BPS wont pay a lot and when we're jumping 10% per week, a 20% drop week becomes much more likely.

Seems no one here ever wants to sit on their hands. Why not settle for .5% per week selling BPS the next few weeks til we cross $1100-1200? Then you can start getting aggressive with the call side of your weekly plays.

 

[BornToFly]

Still waiting for opportune moment for selling long term CC's.

Doing weekly CC's for peanuts though. The biggest discrepancy I see in between the two is I cannot force my self or have the guts to sell CC's against ally my shares on a weekly basis.

For long term CC's when conditions are ripe and I have set up a good runway for SP increase, I would be selling CC's against all my shares.

For today I have 900 CC expirations ... not sweating yet ...

I have 910 and 920 short legs for today. Starting to get a little nervous. Will roll if necessary, although the next two weeks could be very positive....

 

[BornToFly]

Crazy to think that on Monday I was worried we would drop below 700 this week.

 

[Knightshade]

For today I have 900 CC expirations ... not sweating yet ...

+ OK I'm sweating now

Same same.

 

[FS_FRA]

Probably going to roll my -890CC to next week, don't feel this is a day to play around. Seems the MMs have let MaxPain behind. As Papafox suggested, they will now probably try to keep this below 900 for today. Too close for comfort for me.

 

[phantasms]

Probably going to roll my -890CC to next week, don't feel this is a day to play around. Seems the MMs have let MaxPain behind. As Papafox suggested
, they will now probably try to keep this below 900 for today. Too close for comfort for me.

I'm sitting here with 880s thinking the same. I haven't played in weeks. I'm back and away we go. You're welcome. lol

 

[vikings123]

Crazy to think that on Monday I was worried we would drop below 700 this week.

Unbelievable . I'm not feeling so bad about my rolls but will have to start worrying about next week if this continues. I don't think this is specific to TSLA. Look at RIVN, up 6% today lol. I guess bears were expecting a 50 point raise and all the money on the sideline finally decided to jump in. FOMO rally for sure.

 

[FS_FRA]

I'm sitting here with 880s thinking the same. I haven't played in weeks. I'm back and away we go. You're welcome. lol

Same here. My timing is shitty as hell.....


....about time the MMs woke up and started the push-down below at least mid-BB

 

[UltradoomY]

I think all our troubles started when we switched the name of the thread. Before when it was the Wheel Thread it was all gains! No losses!
BPS' were printing every week!
I remember it fondly, seems a generation ago.....
Good luck to all the CC's sellers, I have been on the other side for a couple of weeks having purchased calls.
Cheers!

 

[ReddyLeaf]

Same here. Very poor timing on my part. Bought OTM calls Friday which were destroyed Monday, then sold those for a huge loss on Tuesday, and also sold slightly OTM CCs which, of course are now ITM. Probably giving back all of last week’s gains, and then some. Now the decision whether to roll those ITM CCs, or just close for a loss and wait. Still have some 4/1 puts, so might just roll. However, when TSLA starts running (Hertz), rolling just seems to increase the losses (albeit temporarily until the pullback). With everyone feeling the high gas prices, this feels like time for another big run. I’ve had several unprompted discussions about EV buying in just the past week, so definitely increased interest.

Edit: Please, just a nice MMD to scare out the put holders.

Decided to buyback the 4/1 puts as we neared $900, frees up the cash. Still waiting on rolling the calls for the MMD. Edit: the ironic part of this whole messed up trading week was that I had bought +c895s, anticipating a rebound on Monday. Right target, wrong day.

Edit 2: MMD was a nothingburger. ……..and still waiting for that push down.

 

[FS_FRA]

Rolled my 3/18 -890CC to 3/25 -935CC for $0.5

Off to go and mow the lawn...

Commence the push-down to 849 - you're welcome.

 

[EVCollies]

I have not placed any trade for weeks after rolling everything forward with Elon stock sale and then the Ukraine war and have enjoyed not paying such close attention. I'm going to try monthlies for a while.

Rolled my 4/14 BPS 770/570s to 5/20 same strike @22.

I still have 4/14 1010/810s that will take my attention though...

 

[TheTalkingMule]

Crazy to think that on Monday I was worried we would drop below 700 this week.

I think that's been precisely the goal since early January. Retail is getting way too involved in options selling, and Citadel doesn't like it.

I think half the reason for the insanely illogical post-4Q drop from 1200 to 850 was to shake you kind folks out of the marketplace. The further dip(s) is just hedgies piling on for their own various benefit.

Real earnings are coming now. Not much these clowns can do when Elon's printing insane numbers every quarter.

 

[jeewee3000]

I've switched gears and am currently not opening (new) spreads. My BPS'es that went awry have expirations far far away so I'm pretending not even having those open .

Holding 3/25 950cc's and 4/08 870csp's. (they were 25/3 800csp's but I rolled them on the rise yesterday, in order not too fall too far behind if this rally sticks.)

I'm curious if this rally extends above $1000.

The weird thing is that the reasons for such a rally were known weeks ago as well, but now suddenly the market decides to act upon them. Whilst the war/inflation risks have not lessened at all.

It's funny how emotion tends to take over when the SP goes against your positions and you start envisioning nothing but doomsday scenarios (I mean for your portfolio). Any amount of rational thinking and I'm back to thinking: odds are the rise back to ATH will not happen in a span of one to two weeks, but many more. We should have dips along the way.

We'll see what happens, but I'm staying out of spreads for now. The thought of always being able to roll a position for a credit is relaxing, for sure.

 

[TheTalkingMule]

Just checked and I'm able to roll my lingering 5/20 $880/$1050 BPS out to January for basically free. Tempting, but looks to me like we're well on our way to $1050+ by a month after earnings.

We're about a month from earnings and two months from BPS expiration. With any luck I'll be fully back in action by then having freed up all this cash margin in my IRA and no harm done. Ready to sell CC's and ultraconservative BPS. Only on the dips of course!

 

[Chenkers]

I received a Bulletin today from IBKR saying that they will be increasing margin requirements on concentrated positions (like mine) over 4 days starting from the 18th. That could potentially send me into negative territory, just when I was starting to get some reasonable buying power back.

 

[generalenthu]

Have not kept up with this thread in a few weeks, but wanted to post a quick note today I also posted on the other thread.

Nice outperformance. Today is triple witching and also index rebalancing, where s&p funds have to buy back ~20% of elon's sales from last year at close. This is per my calculations and I don't have a confirmation.

If the calcs are right, brace for some fire works near close and don't get caught short calls if you do that sort of a thing.

 

[intelligator]

Ugh, rolled 3/18 800 to 3/25 815', expecting a drop between then and the 25th, that's toast. For the same week, rolled out 830 to 9/16 1200 for credit. In hindsight, closing at a loss would have been the better move. GLTA.

 

[OrthoSurg]

What you guys would do with 900 CCs. expiring today? Roll them to next week or hold till 3:59 and close then last minute?

 

[Cherry Wine]

I think all our troubles started when we switched the name of the thread. Before when it was the Wheel Thread it was all gains! No losses!
BPS' were printing every week!
I remember it fondly, seems a generation ago.....
Good luck to all the CC's sellers, I have been on the other side for a couple of weeks having purchased calls.
Cheers!

I remember sometime around late last summer this thread was full of questions like "If this strategy is so easy, why doesn't everyone do it? What are we missing?" Since October, I feel like we've had our answer.