Wiki Selling TSLA Options - Be the House

[jaspa]

This is exactly the position I'm in. Taxes on a 6-figure gain last year . . . currently with a 6-figure loss for this year.

In a similar position. Going forward, I plan to take out a sufficient amount for taxes, esp by YE. Thought I would keep the gains in to compound faster, but we know how that turned out. Another @Yoona reminder to be less greedy.

 

[TheTalkingMule]

I would like to take this opportunity to point out my single $1020c for this Friday, which I apparently purchased in a blind rage I don't recall, is now strongly in the money. Winning!

 

[TheTalkingMule]

Looking for more opportunities today to free more margin. Last week I rolled out, down and wide to 4/14 900/600 to get out of way. That same spread can be rolled nearer and UP to 2/11 1020/720 at a credit of $45 $21, sitting similar to where the above trade ended. The spread could be rolled at midway, say slightly above 900, should we need to. IF the price trend continues, this spread too could likely be closed, freeing 150k of margin weeks earlier.

With no certainty ever of anything sticking, is this a silly thought OR simply wait the April expire?

EDIT: $21 credit, not $45 ...

I would love to be comfortable with the concept of rolling back right now, I've just never done it. I'm super new to this and am just laser focused on inching my remaining BPS out and holding my breath til they expire. Sorry I can't be of much help.

If everything goes to crap this week I'll likely move everything to May20 expirations which I consider ultra-safe. At which time I'll have yet another emergency options lesson forced upon me and I'll learn the subtleties of "rolling back".

 

[Xepa777]

I

I would like to take this opportunity to point out my single $1020c for this Friday, which I apparently purchased in a blind rage I don't recall, is now strongly in the money. Winning!

This thread went from "The Wheel" to selling CCs, to selling BPS, to now buying calls. This thread should just be re-named to "The Casino Corner."

 

[vwman111]

Looking for more opportunities today to free more margin. Last week I rolled out, down and wide to 4/14 900/600 to get out of way. That same spread can be rolled nearer and UP to 2/11 1020/720 at a credit of $45 $21, sitting similar to where the above trade ended. The spread could be rolled at midway, say slightly above 900, should we need to. IF the price trend continues, this spread too could likely be closed, freeing 150k of margin weeks earlier.

With no certainty ever of anything sticking, is this a silly thought OR simply wait the April expire?

EDIT: $21 credit, not $45 ...

I assume that roll took more margin/capital if you were widening the spread? I think a lot of us are struggling with position management with very little to no excess margin or capital. Position management gets a lot harder when the spread is ITM and every roll is a debit.

 

[traxila]

This is exactly the position I'm in. Taxes on a 6-figure gain last year . . . currently with a 6-figure loss for this year.

In 2020 made 2 million in my short term accounts. Pulled out 875 .... which did not cover the taxes. Blew up my account completely after.

 

[jeewee3000]

I would like to take this opportunity to point out my single $1020c for this Friday, which I apparently purchased in a blind rage I don't recall, is now strongly in the money. Winning!

A broken clock is right twice a day .

 

[ReddyLeaf]

……pledge to first close out some (hopefully many) BPS in the coming weeks BEFORE entering new positions.

Great advice & my translation: Save your A$$ before digging deeper.

…….sold 2/4 1000cc's since I have BPS expiring that same day with a -1000p short strike. My reasoning is:
1) either we end over $1000 on friday in which case I can close my (worthless) BPS and roll my cc's. This gives me more breathing room (i.e. available cash).
2) or we end below $1000 in which case I use the premium received for my cc's to manage the BPS positions.

Excellent strategy. No BPS for me, but just sold 2/4 -c995s, -c1000s and -c1005s for $7.20-$6.90. Looking at MaxPain they will probably keep it below 950, but I went a bit higher for a little buffer. Lots of free cash in my accounts because rolled CSPs to Sept/Jan. Struggling to NOT spend that cash, picked up a few shares at $910 this AM, have more buys at $905, but will wait to see if we break $850 before setting any others.

………The time I have some of my cash "locked in" is time for me to ponder my mistakes and learn. I'm young and have plenty of years of investing/trading left. I'd rather put my growth on 'hold' for a year rather then facing the pressure of rebuilding from scratch. I'm really starting to like the far OTM wide spreads. (at least $200 but more like $300-$400, this gives you plenty of reaction time and opportunities in case of a sudden crash/rally).

Again, excellent advice. Reset and learn what went wrong.

 

[Yoona]

2/4 Iron Condor 800-1100 is 78%, closing it soon at 80%; this is 2nd small win this week

 

[Right_Said_Fred]

I would like to take this opportunity to point out my single $1020c for this Friday, which I apparently purchased in a blind rage I don't recall, is now strongly in the money. Winning!

And there I was selling 5 x c1030 yesterday (@3.00), because I was told to sell into strength after a strong upward move.

 

[adiggs]

Back in with 830/630 put spreads for this week and $2 (1%) credit. Assuming success with this position this will be a second sale for this week expiration getting closer to 2.5% for the week (capital at risk measure).

I went for this week expiration over next week for the more frequent strike reset. At least for this very short term I think that the 830 strike is quite safe, with a reasonably good likelihood of an early close tomorrow.

 

[dc_h]

I would like to take this opportunity to point out my single $1020c for this Friday, which I apparently purchased in a blind rage I don't recall, is now strongly in the money. Winning!

My problem with buying calls is that I hang on too long, hoping for a big win. Like betting on getting a Jack, when I have 9,10, Q, K and there's one more card to fall. If I could force myself to take 50 or even 75% profit on short term calls, I would have skipped some stressful days. After my early 2013 Tesla gains, I thought I was a genius and promptly lost on calls during earnings week for a year. Could have used this thread back then.

 

[Discoducky]

My problem with buying calls is that I hang on too long, hoping for a big win. Like betting on getting a Jack, when I have 9,10, Q, K and there's one more card to fall. If I could force myself to take 50 or even 75% profit on short term calls, I would have skipped some stressful days. After my early 2013 Tesla gains, I thought I was a genius and promptly lost on calls during earnings week for a year. Could have used this thread back then.

HA, I do the same thing. After 2/18 and 3/18 calls expire worthless (most likely), I'll be out of the buying calls game for at least a year

 

[intelligator]

Interesting , wonder what they're up to next ...

EDIT: Iron butterfly? What is it?

By @generalenthu
Last updated at: 2022-02-01 20:48:59 UTC
volume every minute where volume >= 500 contracts

Minute	price	strike	option_type	Expiry	incVol
15:47	932	300	put	2022-02-18	2500
15:47	932	300	call	2022-02-18	2500
15:47	932	500	call	2022-02-18	2500
15:47	932	500	put	2022-02-18	2500

 

[WattsHappening]

HA, I do the same thing. After 2/18 and 3/18 calls expire worthless (most likely), I'll be out of the buying calls game for at least a year

I don't believe you.

 

[juanmedina]

Google stock is splitting. I may buy a few calls tomorrow and let them run.

 

[samppa]

Make sure you have plenty of margin available if the stock drops like it has the last two years (during the first part of the year). I'm good down to SP of 700, and I'm pretty nervous. If we get below 700, I will have to start selling shares at 700, which I REALLY don't want to do. That is why I loaded up on as much cash as possible by selling Jan 23 CC at 1200 strike. I would rather have to sell my shares at 1200 than at 700.

I've come to terms with this, and my new view is capital presevation.
If I end up in a situation where I have to sell shares to get more margin, I'll happily do it and move into a more cash-heavy position.

But I'd rather keep the shares for now.
Hey, selling at 700 will incur less taxes than at 1200, so there's a little positive side

 

[Discoducky]

I don't believe you.

Ok, you're onto me, they won't expire worthless, GOOG went and split 20:1 so the tech is most likely going to run back to ATH unless macros dump.

If we hit new ATHs those calls will be more than I made at GOOG in total over 4 years.

 

[samppa]

Google stock is splitting. I may buy a few calls tomorrow and let them run.

what dates/strikes you thinking about? I had a look at GOOG options and they only go out to april 2022. Split happens in july.

 

[bkp_duke]

what dates/strikes you thinking about? I had a look at GOOG options and they only go out to april 2022. Split happens in july.

Recheck your broker? I'm seeing out through Jan `24.