Bought back ONE -c765 @2.40 at the open. It was a partial fill, so just caught the bottom. Then adjusted and closed the rest at $3.25. Then closed c770s at $2.20 in my small account. In the largest account I have a day order for -c765 @1.50, though maybe should just let it ride because of the -p750s in that account. So far, it looks like I’ve recovered from my disastrous last week. Perhaps will resell Tuesday/Wednesday on a bounce.
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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
Re STO 100121C780 sold 9/15 at $7.91, closed today 9/20 at $4.45 (avg. of $5.26 and $4.05!) for a 44% profit. Happy to take the opportunity to exit a possibly overly aggressive position, at below the “wish price” identified on Friday.
Bought back a 780 I kept kicking down the road and rolling up. I'd be happy to have it exercised but the price was right and I figure I can sell it later in the week for more.
I'm looking to buy DITM LEAPS either Jun23 or Jan24. The purpose is to use these to sell calls against. One thing is the extrinsic value of the option. If I get Jun23 C400, it's 372. That's 735-400 = 335-372= $45 of extrinsic value. As I move up the SP that's still ITM (ie 500), the extrinsic that I'm paying for is higher. If I'm buying these, that means that I'm going to be loosing extrinsic value over time. Other than being able to get more contracts for the allocated funds, there's no reason to buying a higher SP contract correct?
corduroy
Active Member
Added 10x more BPS (to my position opened last Thursday) 660/560s for $2.75. Feeling comfortable in those distant strikes with these macros and FSD FUD swirling. I'm not convinced we won't see the 600s again soon (hope I'm wrong).
Edit: a few more at $2.85 and a couple Oct 1 650/550s for $5.25 for good measure.
Edit: a few more at $2.85 and a couple Oct 1 650/550s for $5.25 for good measure.
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Sold a BPS $700/690 in my $2k account when we were at $740s... Didn't think we would test $720s tbh but here we go.
AquaY
Member
730 is a support level which we have broken through.
I think there is another minor support level at 708 and then 700 and 692.
I STO BPS 10x +585/-685 for this week @ $3.65
Going to let my short leg $715 Puts ride this out awhile
I think there is another minor support level at 708 and then 700 and 692.
I STO BPS 10x +585/-685 for this week @ $3.65
Going to let my short leg $715 Puts ride this out awhile
I have some 670/640 BPS that I opened last week and I have been adding more. So far they don't look that bad. I also sold a single $700 put for $8
InTheShadows
Active Member
It’s a really exciting day! IV is going up. 
. IV Percentile is up to 18%
. IV Percentile is up to 18%
With the put juice from my assigned 750 CC last week I just STO 9/24 CCP 710 @ 7.85. And the wheel turns...
Alright I don’t think I will find a better day to dip my toes into the BPS game. 15X 670/700 Sep 24th expiry for a credit of 3.75. Wish me good luck lol.
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jeewee3000
Active Member
Can I ask why most are suddenly so bearish about this friday's close?
Last friday most here were expecting a huge up week this week. I was fortunate enough with this drop to close out my rolled 755 10/1 cc's at break even, and I opened some -690/+670 BPS for $2 per contract.
The put wall at $700 is huge. Why on earth would we go below? (Or am I too optimistic? What am I missing? This drop just seems macro related and will pass sooner than later IMO, especially with all the good Tesla news on the horizon.)
Last friday most here were expecting a huge up week this week. I was fortunate enough with this drop to close out my rolled 755 10/1 cc's at break even, and I opened some -690/+670 BPS for $2 per contract.
The put wall at $700 is huge. Why on earth would we go below? (Or am I too optimistic? What am I missing? This drop just seems macro related and will pass sooner than later IMO, especially with all the good Tesla news on the horizon.)
I totally agree - last week on Monday we went down to $709...... and then bounced back hard
This week is probably much the same, I am holding strong with 09/24 -$695/+$675 BPS and have no plans of adjusting until later in the week if needed.
It's looking like a quieter week so far.
STO 450 x 685/700 780/810 IC @$2.65 &
STO 100 x 675/700 780/810 IC @4.10
I was originally targeting the second IC but dropped the BPS to $15 range as it looked better but has since traded erratically. So I sold the extra 100 with $25 BPS range and was trying for more but missed the window. I'll reassess Tuesday before I sell more and may roll the BPS side up as high as 695/720 for more credit if we stabilise.
STO 450 x 685/700 780/810 IC @$2.65 &
STO 100 x 675/700 780/810 IC @4.10
I was originally targeting the second IC but dropped the BPS to $15 range as it looked better but has since traded erratically. So I sold the extra 100 with $25 BPS range and was trying for more but missed the window. I'll reassess Tuesday before I sell more and may roll the BPS side up as high as 695/720 for more credit if we stabilise.
AquaY
Member
It is the macros that have me concerned.
We are overdo for a correction, inflation is a major concern and government spending is going the wrong way in that regard.
TSLA has a Beta of 1.3 so macros can effect it greatly.
I think many put on aggressive Put strategies last week and the consensus ( me included) was that TSLA would be up today. Not down like 4%.
So I don't think it's so much being bearish for the week as being surprised by the big move down today, concerned of the overall market and the managing of Puts that are coming close to ITM.
Those using a lot of margin have to be concerned about a market drop more than a cash account does,
dc_h
Active Member
I added to my 690-640 bps and sold a 730 put for 13.50. Should have listened to the resistance being below 730, could have gotten 17.50 for the 730 put. I have no idea where we're going, but it looks like 725 was resistance for now. Evergrande is our new worry wall and will Xi let the banks bail it out and can China bail out all the bad real estate loans out there? This could hang over the market for a while and restrain the positive news from P&D report and even earnings. I still think the trend will drive toward 900 by end of year, but macro issues may keep us from a quick jump past 800, which I was expecting this week or next.
And STO an additional 30 x 675/700 780/810 IC @4.15 on that last big dip.
Looks like $725 is acting as a strong support level.
Looks like $725 is acting as a strong support level.
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