We feel rational until the market feels irrational.
First week I have to roll Puts 1-2 weeks down to avoid getting assigned. Twice on one position . They were small positions, 5 and 10 contracts -p1045 and -p990. However this is brutal.
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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
First week I have to roll Puts 1-2 weeks down to avoid getting assigned. Twice on one position . They were small positions, 5 and 10 contracts -p1045 and -p990. However this is brutal.
I used to get upset if I didn't time the bottom perfectly. Now I just take my money and don't worry about it. Otherwise you'll have weeks where you wait and wait for a better bottom and make no money.
I also post this here (duplicate of main thread) because not everyone reads there:
IBKR notified me 1 hour ago:
CORPORATE EVENTS
Note: The following were generated over an hour ago.
Things may have changed since then.
Upcoming Corporate Events (up to 5 per account)
What event was planned/is happening on 12/09? .. Just a talk with a "one-more-thing"-announcement?
I mean .. 12/09 was all over the place, but this is a concrete event TSLA will attend at.
IBKR notified me 1 hour ago:
CORPORATE EVENTS
Note: The following were generated over an hour ago.
Things may have changed since then.
Upcoming Corporate Events (up to 5 per account)
| Symbol | TSLA | |
| Event | Tesla Inc at Deutsche Bank AutoTech Conference (Virtual) (20211209T105900+0000) | |
| Date | Dec 09, 2021 |
What event was planned/is happening on 12/09? .. Just a talk with a "one-more-thing"-announcement?
I mean .. 12/09 was all over the place, but this is a concrete event TSLA will attend at.
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Why would you need to roll these puts 2 weeks down to avoid assignment? The p1045 are a bit ITM and the p990 still a bit OTM, so wouldn’t a roll of 1 week have put back enough time value in them to avoid assignment?
Knightshade
Well-Known Member
Quick update- on the ~1025 "pop" I rolled these to 12/10 expiration and rolled em down to 1020/920 for about a $2.50 credit.
So it's all clear to close back up at 1050.01 today now
Closed out the last few Hertz gone wrong CC that rolled past 1100s for this week. These were in IRAs that started out at 990 CC.
Opened 850 150 wide BPS for next week. Want to stay behind the 920 giant wall. Can’t pass it up down -$70 day. Always sell BPS on weakness.
Opened 850 150 wide BPS for next week. Want to stay behind the 920 giant wall. Can’t pass it up down -$70 day. Always sell BPS on weakness.
InTheShadows
Active Member
Here is what I use for planning my trades. It lets me know what my risk, return, and how much of my available capital I can invest. The refresh quotes box triggers the cells to go out and get the latest prices. I usually go for the darkest green avail collateral cell from the top with an available spread. If there isn't one that is available, I adjust the short size by a couple of strikes to get one at the top that I like. So for this I would check out the 910 short strike to get me into a 260 wide spread.
It also shows me the current delta and how far the short strike is from the 20 min delay stock price.
It also shows me the current delta and how far the short strike is from the 20 min delay stock price.
Did you make the program yourself? I want....
You don't have the EV leader on there....
FYI and NOT-ADVICE
Something to be aware of with the wider spread sizes - I've got $300 wide spreads right now for next week expiration. The insurance put is right at the edge of the range where strikes turn into $50 between strikes. So a roll from 750/1050 down to 710/1010 is not available. I can roll to 700/1010 for a small net credit or 700/1000 for a small net debit (at this moment - shares 1022ish).
If I were to decide to roll right now I think I'd take the small net debit rather than expanding the capital at risk by a minor amount ($300 to $310).
I'm not thrilled about being $30 ITM but I've got a week to go and I use these wide spreads to give myself room to operate even while ITM. At this moment I still think that $975 is my time-to-take-action point as that is 1/4th of the way ITM. I figure the spread will continue behaving mostly like a short put up through 1/4th of the wide spread and then more like a spread for the next 1/4th. That midpoint ($900) is where it turns into a straight roll for time - no strike improvement.
I would find this a much more fascinating experiment to see how right or wrong about how the rolls for time look if the position sizes weren't so large
. I do plan to post though about this position at least while its deeply ITM to track and report on how it evolves.
An early close to take the loss right now would be about $40/share net loss ($62 to close; $23 to enter). But the position expires next Friday and as bad as today has been it still seems premature to me to take management action.
Another thing to consider is just how quickly I can recover a $40/share loss. Recent trades have been in the $20/share range or 2 weeks to break even; actually 1 week if I include the week before. Even with a lower $10/share weekly win that takes 4 total weeks to be back to even. That's not thrilling but its also an option to be considering. Which I'll be doing on Monday the soonest.
I should open some covered calls just to draw the share price back up
Something to be aware of with the wider spread sizes - I've got $300 wide spreads right now for next week expiration. The insurance put is right at the edge of the range where strikes turn into $50 between strikes. So a roll from 750/1050 down to 710/1010 is not available. I can roll to 700/1010 for a small net credit or 700/1000 for a small net debit (at this moment - shares 1022ish).
If I were to decide to roll right now I think I'd take the small net debit rather than expanding the capital at risk by a minor amount ($300 to $310).
I'm not thrilled about being $30 ITM but I've got a week to go and I use these wide spreads to give myself room to operate even while ITM. At this moment I still think that $975 is my time-to-take-action point as that is 1/4th of the way ITM. I figure the spread will continue behaving mostly like a short put up through 1/4th of the wide spread and then more like a spread for the next 1/4th. That midpoint ($900) is where it turns into a straight roll for time - no strike improvement.
I would find this a much more fascinating experiment to see how right or wrong about how the rolls for time look if the position sizes weren't so large
. I do plan to post though about this position at least while its deeply ITM to track and report on how it evolves.An early close to take the loss right now would be about $40/share net loss ($62 to close; $23 to enter). But the position expires next Friday and as bad as today has been it still seems premature to me to take management action.
Another thing to consider is just how quickly I can recover a $40/share loss. Recent trades have been in the $20/share range or 2 weeks to break even; actually 1 week if I include the week before. Even with a lower $10/share weekly win that takes 4 total weeks to be back to even. That's not thrilling but its also an option to be considering. Which I'll be doing on Monday the soonest.
I should open some covered calls just to draw the share price back up
Would appreciate the wisdom of the crowd on this... I'm short 10x 1025 puts expiring today, so slightly in the money at the moment. I fully intend to close that position today and roll to something next week.
But do I do it now, with a slight loss (but theoretically with a proportionally better premium on next week's roll?
Or do I roll the dice, hope the SP move up into the close (but risk that it moves way against me) and wait to roll later in the day?
Or does it not really matter since I'm rolling anyway?
What would you do?
Edit: and no margin risks to consider fwiw.
But do I do it now, with a slight loss (but theoretically with a proportionally better premium on next week's roll?
Or do I roll the dice, hope the SP move up into the close (but risk that it moves way against me) and wait to roll later in the day?
Or does it not really matter since I'm rolling anyway?
What would you do?
Edit: and no margin risks to consider fwiw.
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Not advice:
$7 of time value to burn off still. That will reduce on a price increase and as time passes.
same! 90% of my trades are in 12/17, 10% in 12/10
InTheShadows
Active Member
Yes, I can see if I can export just that sheet and share it. It’s google sheets and It uses a free plugin. You will also need to get an api key from TOS.
dc_h
Active Member
Away from the table looks good right now. I have some 950-850 for 12-10 and that is closer than I like right now. I think resistance is pretty strong below 1100 and the positive fundamentals are very strong, but market makers and macros have a mind of their own, and uncle Elon may not be done selling.-p850/+p800
i know, i know, why leave so much $ on the table?!?
TheTalkingMule
Distributed Energy Enthusiast
Makes million dollars.-p850/+p800
i know, i know, why leave so much $ on the table?!?
Gets conservative.
I think you've got this thing nailed!
That's it. I rolled the rest of the 950/750s BPS to 12/17. It would take bad Covid news to stop a bounce on Monday after our drop from Wednesday on no bad Tesla news (with great news brewing). Made 7 figures this week 
(hopefully I don't need to give it all back next week 
).
(hopefully I don't need to give it all back next week ).
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