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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
Right, I'm done for this week - Family time calls, and I can't keep watching this show.
Rolled my 11/19 1105 CC to 12/3 1220 and 1240 for just over $1 credit each. Will look to either close early or keep rolling up & out.
Opened 12/3 900/700 BPS @ $3.75
Have a great weekend everyone!
Rolled my 11/19 1105 CC to 12/3 1220 and 1240 for just over $1 credit each. Will look to either close early or keep rolling up & out.
Opened 12/3 900/700 BPS @ $3.75
Have a great weekend everyone!
When the shares went up to 1115 I decided to stop babysitting my 1110s for the day and rolled to 11/26 1160s collecting a net $7 credit. I'll show a loss on the cc's for this week - about $5 - and I've got about $12 worth of credit in the new position to be earned.same - except I'm watching my 1105 cc rather hoping the SP fades away to <1100 - $3.5 theta left. Current print is $7. Gonna be puckeringly close - finger on the button to roll soon....
Or alternatively I decided between assignment today at 1110 (given the shares don't come back) and assignment next week at 1160 and be paid $7 for the privilege. The $7/share is a good weekly return for me anyway.
What I've given up with this roll - what I was looking for today was to close at a profit (which I could have done earlier in the morning but didn't) and then wait for Monday to get an initial read on what next week would look like.
If I were opening a new position rather than a roll I would probably be at the 1200 strike instead of 1160. The roll has effectively been a mechanism to land in a more aggressive cc strike than I would otherwise have chosen.
I consider 1%/week realized P/L (so I probably open for 1.5% and close at 2/3rds profit) to be AWESOME! If those are winners every single week then that's 50%/year.sold some 12/3 900/800 BPS $3.58 or ~ 1.7% per week. Not great but still better than nothing.(mine is just supplemental income ...). Not sure if most here are enticed by this type of low returns?
With margin, looks like I can roll the short leg to a put and close the long leg - any time this trade goes south.
All BPS for this week (and past 2 ), expired worthless
I consider ownership and daily driving of a Tesla to be an important component of any investor's investment. The initial impetus for my own purchase of TSLA was a 2012 test drive. I'd never driven anything vaguely like it and the thought that hit me immediately - the product matters. This product was amazing. I didn't know how it would all evolve in the future, but I knew that the product matters and THAT product wasn't going to disappear from the market because of its own inadequacies.
Driving a Tesla since 2013 (Roadster!@!) has provided a daily reminder of why I'm invested and how awesome the product is. It's seen me through some significant down stretches in the share price.
There are so many different ways to choose entry points for trades.oh, it's for a quick daytrade, i closed it at 24%... net ~$10 credit spanning only 24 hrs
how did i decide on the Short Straddle? here is what happened inside my head late Wed afternoon:
- 11/19 CC is on autopilot? check!
- nothing for 11/26? check!
- 12/3 1050-1400 CC is up 51% and still quietly collecting theta? check!
- nothing else to do? arrange the plants on the pathetic aquarium while dancing to
- looked at the Tue chart; hmmm, it's odd that the 10am peak 1057 is almost the same as the 4pm closing 1057... are the MMs back in control? if they are, then that is good news coz the friday close probably won't be an unpredictable runaway SP
- looked at the Wed chart so far; large V peaked at the 1100ish ceiling about 6 times; yes, the MMs are back and they are capping
- since the MMs are in charge again, maybe the maxpain chart can predict the friday SP; looked at the volume - whoa, humongous fight at 1100; tallest call wall is also 1100
- how to earn max $$$ from this insider info? it's either Short Straddle or Iron Butterfly; hmmm, SS it is - i don't need insurance if SP is going to be nailed, anyway; plus, this is a daytrade
- but what strike to choose? 1050/1060 was Tue range, but i don't think we're going down that low based on this morning's multiple reaching out to 1100; 1070 and 1080 are so random... the only even number remaining is 1090; that's it - Short Straddle at 1090
- let's check credit... $40 in 2 DTE?!?! let's do this; what is the probability of a 40 swing if MMs are in charge and target strike is already near the 1100 call wall?
(listening to the music again... it's been a good weekkkkkkkkkkkkkkkkk)
The battle is going against you.1100/1150, 1110/1160, and 1105cc. I will be glued to the ticker, watching the battle for 1100 unfold today.
Good luck, let us know how you roll them
Yikes! My put spread roll 11/26->12/3 orders just went off on the jump up to $1115, other than the very most optimistic (p1000-1050 for $5). Must have been some kind of IV spike? I'm actually hoping to close those 1050 put spreads out next week instead of roll, so perhaps better if it doesn't trigger. Today's rolls were for good enough money that I'm leaving myself closer to the sun than I'd prefer... but if I can take the remaining ~20% of my consumed margin off the table next week, I think I'd be pretty happy even if I end up holding through some potholes in December. I can't see a downturn lasting past Q4 P&D numbers, in any case.
Premium on Dec 3 strikes is looking much more attractive than Nov 26. Anybody else nervous about $1300-$1500 range on Covered Calls 2 weeks out?
What used to be thought of as free money doesn't seem so free these days.
What used to be thought of as free money doesn't seem so free these days.
Rolled my -1120/+1270 bcs to -1125/+1245, doubling contracts. Some buffer for the last 2 hours..
Chicagoguy
Member
I forgot to mention this part. This is another reason that I decided to pull the trigger on the Tesla. I read about other people’s experience with the reinforcement when they drive the car. I want that and to be able to see how FSD is evolving. I told my wife that if I reached a certain number in our main account by the end of the year, I would get this car. Funny thing, she’s more in need of a new car than me, looking for a SUV. I wish I could convince her to go Tesla, oh well, I’ll have all the fun
Can we roll covered calls to infinity?If you feel better I sold the exact same AAPL options for 0.60. Why? Because I have done it repeatedly for free money over the past few weeks. I am in a retirement account though… my shares got called away one time and I actually bought them back cheaper a few days later, no tax consequences.
Since you are in a taxable account with these I will accept your label as the greatest degenerate, but I am a close second
This AAPL stock is out of control.
mickificki
Member
I’ve learned my lesson on CC’s especially with regards to tsla. I’m out of CC’s, was holding 1400 strike CC’s for 11/26, and closed them out when that ridiculous 12/9 math numerology stuff came out on Twitter.
Chinas production is unreal, 4q numbers will be incredible(over 900k! For the year!), great margins, money managers needing to rebalance, sliiiight possibility of stonk split, giga Texas/giga Berlin…yada yada, y’all know the positives.
Tsla is a steam train that’s about to run over everything in its path for the next few years. I’m crying uncle on CC’s.
Definitely don't follow him on twitter then..... oh boy!
WTF happened this afternoon? Had errands to do, so this AM closed out my -p1095s for $1.90. They were refusing to die, so just closed and rolled to 11/26 at $29.00 ($27.10cr). I’m so glad, because the sold ones are now down about $6 in less than 2 hours. Crazy. Fortunately, everything is rolled to 11/26. Unfortunately, my other account with the 1:1 short straddle at p1095/c1150 will probably need to be adjusted up a bit. Any idea if Elon will sell more next week to drop the SP back below 1100? Always exciting here. In my little taxable account, will probably need to roll LCID 11/26 -c47s, but the QS 11/26 -c45s are probably fine. Another week or so before I can apply for level 2 options. Maybe level 2+ by Christmas.
Edit: rolled the 1095/1150 straddle to 12/3 -p1100/-c1200 for $20cr (all the premium was on the put side, took an even $30/$30 on calls). Crazy. Probably will need to roll again next week.
Edit: rolled the 1095/1150 straddle to 12/3 -p1100/-c1200 for $20cr (all the premium was on the put side, took an even $30/$30 on calls). Crazy. Probably will need to roll again next week.
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Bought this back when sp went to 1125. In the end about 5k loss, glad it was only 20 contracts in the end.. Once again I really should just avoid bull call spreads.
This position was originally -1105/+1205, out of which half was rolled to -1120/+1170, then to -1125/+1145..
I still have the other half of that, which I rolled to 11/26 and -1100/+1200 BCS. This is 5 contracts and has about $15 cumulative credit.
So now I sold 5 bps -1100/+1000 for next week, making this an Iron Fly, and collected $20.29.
Now my iron fly has $35, max loss is $65..
I believe, dear boy, that this is a strangle... a straddle is when you have the same strike for both put and call - I know, intuitively the terms seem the wrong way around, I agreeWTF happened this afternoon? Had errands to do, so this AM closed out my -p1095s for $1.90. They were refusing to die, so just closed and rolled to 11/26 at $29.00 ($27.10cr). I’m so glad, because the sold ones are now down about $6 in less than 2 hours. Crazy. Fortunately, everything is rolled to 11/26. Unfortunately, my other account with the 1:1 short straddle at p1095/c1150 will probably need to be adjusted up a bit. Any idea if Elon will sell more next week to drop the SP back below 1100? Always exciting here. In my little taxable account, will probably need to roll LCID 11/26 -c47s, but the QS 11/26 -c45s are probably fine. Another week or so before I can apply for level 2 options. Maybe level 2+ by Christmas.
Edit: rolled the 1095/1150 straddle to 12/3 -p1100/-c1200 for $20cr (all the premium was on the put side, took an even $30/$30 on calls). Crazy. Probably will need to roll again next week.
Very grudgingly rolled 100x 1100/1150 to 100x 1120/1220 for a 4.5 credit. We shall see what next week brings.
Positions to enter next week (hopefully in to weakness) will be a "free" BPS to form the IC on the 1120/1220 BCS.
Rest of week appears to be management of the 1120/1220 and hopefully just boring theta burn on 850/900 1300/1350 IC.
Never a dull week!
Lessons: Close positions even if you don't have a new one to enter. Roll early. Don't roll closer to money in the same weak to chase more premium.
Positions to enter next week (hopefully in to weakness) will be a "free" BPS to form the IC on the 1120/1220 BCS.
Rest of week appears to be management of the 1120/1220 and hopefully just boring theta burn on 850/900 1300/1350 IC.
Never a dull week!
Lessons: Close positions even if you don't have a new one to enter. Roll early. Don't roll closer to money in the same weak to chase more premium.
I don't think I've ever day-traded options, until this week, until RIVN. It's been 3 days of loading up on ATM puts, watching it fall, then ringing the register within a few hours. It did a head-fake this afternoon that put a scare in to me, but still came through with a 10% fall from session highs.
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