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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
jeewee3000
Active Member
Sold 6/3 -700p/+670p BPS @ $2.5.
Max profit 8.3% ROIC in 1 trading day.
It's a (calculated) yolo position backed by some of the profits I made this week, so if max loss I won't cry about it.
Max profit 8.3% ROIC in 1 trading day.
It's a (calculated) yolo position backed by some of the profits I made this week, so if max loss I won't cry about it.
it's nice to have cc:s that I would like to expire otm, means I can write quite aggressive puts too. Only one side can lose.
And I only write as much as I can easily cover - puts are cash covered, calls backed by shares/leaps.
These are covered calls I had to write some time ago to get cash and liquidity.. mentally prepared to let the shares go. Maybe I won't have to
jeewee3000
Active Member
This is hardly testing 700, though. We bounced more than 2% above 700. SP this evening = between 700-800. Would be surprised if otherwise.
TheTalkingMule
Distributed Energy Enthusiast
Would love to set my 6/10 BPS early today, but even down 6% I'm not loving these premiums for strikes I'm comfortable with.
Not that we're moving up from the bottom, I think I'll move in from doing 6-8 DTE to only intra-week. On the other side, I'll step way up from selling 21-23%+ OTM to something like 15-18% OTM.
The floor seems to be solidifying.
Not that we're moving up from the bottom, I think I'll move in from doing 6-8 DTE to only intra-week. On the other side, I'll step way up from selling 21-23%+ OTM to something like 15-18% OTM.
The floor seems to be solidifying.
I agree. I'm being dramatic. That was a MMD on steroids. Actually thought about buying shares when we were at 720 and selling at 730+.
TSLA invalidated the old wave count. Up until yesterday we were still on wave 1. Now we *could* be on wave 2 with target at 707 or 685. 685 is not ideal, but it'll do. Below 685 we will potentially form a bear flag - not good.
I couldn't resist. STO 6/10 570/670BPS for 1.72. +20% OTM at opening SP.
corduroy
Active Member
I was looking at those, and wouldn't be surprised to see them hit $3 today. I would not be comfortable with anything above 600 for next week.Wow. 580 Puts for next week are $2.37
Edit: at $3.30 now
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STO 6/10 610 CSP for 4.57 , part of share buy-back , but let's not go there
bkp_duke
Well-Known Member
Knightshade
Well-Known Member
Grabbed some $700 June '23s just slightly too early this morning (currently down ~4% from purchase price)
TheTalkingMule
Distributed Energy Enthusiast
In for 8/19 BPS $540/$440 @ $17.65 first, then headed to look at LEAPs with the proceeds. I'm actually tempted to keep this call buying short term, like 6/10 $750c. Catch this nonsense story reversing. Will resist the urge if possible!
The good news is I am not worried about my Dec 18 1100 CC anymore! I am hoping to buy those back once I get my cash injection in 2 weeks.
But yes, this is a huge over reaction by the market. MM's certainly happy to amplify that.
But yes, this is a huge over reaction by the market. MM's certainly happy to amplify that.
Remind me next time to close-out my -p700's when they're 95% up on a Thursday 
be a bit cautious here. Call IVs are going up on a down day. Sign of reversal - unknown intensity. Elon confirmed the layoff is not related to production lines. In other words, this sell off is purely technical. More bears trapped? We'll see.
TheTalkingMule
Distributed Energy Enthusiast
I hate buying calls on a down Friday like this for the "inevitable rebound next week". By the time 9:45 Monday comes around, theta has decayed even more than any positive move from SP appreciation.
It's a fool's errand, but I may volunteer if we tap 700!
It's a fool's errand, but I may volunteer if we tap 700!
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