juanmedina
Active Member
IV is going up, at 75 right now and a 550p is paying $7.
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Here too. Closed my 802.50c near the end of the day for $0.22. I had it set at $0.20 but even that wouldn’t hit, so I eventually relented. SP at 680, a full 120 OTM and one day left. I swear I saw one sell at $0.17 while my $0.20 Sell order was valid. Crazy. I probably should have left it alone to expire Friday, but I wanted it closed so I could remove the possibility of having to cover at a higher price, thereby freeing up capital to buy a few shares at 680. I’ll probably wait for a higher SP, maybe Monday, before trying to sell more calls. I just don’t want to risk losing shares below $800 and the premiums are so low right now that the risk isn’t worth the small profit to me.Closed my 850c for pennies. Now have no active covered call positions. Will likely initiate new cc’s tomorrow.
Also sold another 875p 04/16, though may need to close that tomorrow if price action puts me back in a margin call. Let’s see what impact Elon’s tweet, leaked email, and stimulus bill vote may have on stabilizing things.
Sorry if this is not really "wheel" material but figured this is the closets place to ask this question.
I'm thinking of selling a put on TSLA for March 2023 at a $1200 strike. When you factor in premium it's like $600-ish, and by March 2023 we'll have Berlin and Austin ramped already with Cybertruck sales (and hopefully meaningful FSD progress).
Thinking of using my margin power for this, which is normally otherwise untouched. Other than a clear disaster scenario, as Tesla bulls this is a pretty sound strategy right?
Sorry if this is not really "wheel" material but figured this is the closets place to ask this question.
I'm thinking of selling a put on TSLA for March 2023 at a $1200 strike. When you factor in premium it's like $600-ish, and by March 2023 we'll have Berlin and Austin ramped already with Cybertruck sales (and hopefully meaningful FSD progress).
Thinking of using my margin power for this, which is normally otherwise untouched. Other than a clear disaster scenario, as Tesla bulls this is a pretty sound strategy right?
...as Tesla bulls this is a pretty sound strategy right?
I will second this sentiment. I sold a Jun21 800p (CSP) for $132 awhile back, liking the premium and easily expecting that >$668 SP was a slam dunk. This week that put was over $180, and all that money is tied up until the SP rises to better numbers. I missed buying the $630 dip. I refuse to buy back right now for such a loss (plus the premium went into buying more shares, so I’d have to sell at a loss to buy back at a loss). So, choose wisely, especially when it comes to selling long dated options on margin. Isn’t that like double leverage trouble?In my case that was fully cash secured (VERY capital intensive) and that actually became the problem - all of that cash tied up. For March 2023, even if you're not cash secured, that margin will still be occupied. I don't known the margin dynamics, but with any of these long dates option sales, I have quickly come to hate the way they make a chunk of the account go static.
I'm still waiting to transfer my shares to interactive brokers.
Here's a question: if I sell a put that's covered by margin on my shares, and it gets exercised, can I sell that lot of shares separately?
Or will the sale be FiFo?
Is there a way to have different lots of shares on IB? I'm just starting out with TWS and it's a bit overwhelming..
Newbie question: I sold a CC 05Mar21 820 @4.67 on Feb 23
It is now 0.92 and there are 5 more days to go.
Is it better to do buyback than wait for expiry? Waiting 5 days for 92 cents seem like a waste since it's already up 80%. I mean, what do nice folks here generally do in this situation? Wait it out or move on to the next trade? I am just curious what you pros do.
(I am aware that i have to find 0.92 + my minimum premium on the next trade, me being greedy for loose change.)
Thanks in advance and have a great weekend!
Newbie to newbie, personally I would let it expire this week. Unless we have a miraculous turnaround, which isn’t looking very likely right now, the SP will struggle to get over $800. For next week/month, rolling/selling CCs at such a low strike and premium doesn’t make any sense.Newbie question: I sold a CC 05Mar21 820 @4.67 on Feb 23
It is now 0.92 and there are 5 more days to go.
Is it better to do buyback than wait for expiry? Waiting 5 days for 92 cents seem like a waste since it's already up 80%. I mean, what do nice folks here generally do in this situation? Wait it out or move on to the next trade? I am just curious what you pros do.
(I am aware that i have to find 0.92 + my minimum premium on the next trade, me being greedy for loose change.)
Thanks in advance and have a great weekend!
Newbie question: I sold a CC 05Mar21 820 @4.67 on Feb 23
It is now 0.92 and there are 5 more days to go.
Is it better to do buyback than wait for expiry? Waiting 5 days for 92 cents seem like a waste since it's already up 80%. I mean, what do nice folks here generally do in this situation? Wait it out or move on to the next trade? I am just curious what you pros do.
(I am aware that i have to find 0.92 + my minimum premium on the next trade, me being greedy for loose change.)
Thanks in advance and have a great weekend!
Newbie to newbie, personally I would let it expire this week. Unless we have a miraculous turnaround, which isn’t looking very likely right now, the SP will struggle to get over $800. For next week/month, rolling/selling CCs at such a low strike and premium doesn’t make any sense.