If you are like me, the answer is, because as soon as you get a bit more confident/aggressive and go 10% OTM, that's when the 3 standard deviation SP move will happen.
Exactly
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If you are like me, the answer is, because as soon as you get a bit more confident/aggressive and go 10% OTM, that's when the 3 standard deviation SP move will happen.
Need to channel my inner Yoona: Do not be greedy. Be patient. Preserve capital. Do not be greedy. Be patient. Preserve capital. Do not be greedy. Be patient. Preserve capital. Do not be greedy. Be patient. Preserve capital. Do not be greedy. Be patient. Preserve capital. Do not be greedy. Be patient. Preserve capital. Do not be greedy. Be patient. Preserve capital. Do not be greedy. Be patient. Preserve capital. Do not be greedy. Be patient. Preserve capital.....Back to basically flat AH despite a solid Q2 and amazing Q3/4 incoming. I never learn. Why did I go 20% OTM on my BCS?...
I've been doing this for a longer while now (18+ months, [3...5]% daily CAGR --> 5DTE ~ [1.03...1.05]^5 ~ 16%...28%) and it really works well for me (anecdata / gut feeling!). I'm sometimes shivering when I read people here going only 5-8% OTM on 5DTE. I just don't want to miss the rocketship up when it finally takes off. Been there done that, super frustratingI am going to stick for selling CCs at least 20% out of the money with no more than 5 DTE. Will try to time on upswings, but will lean heavily on that 20% minimum and 5 DTE. This is what I have learned the past couple of months from this board.
It is earnings week so risk is higher. GREAT decision and no regrets, because it takes only one mistake to undo many months of work.Back to basically flat AH despite a solid Q2 and amazing Q3/4 incoming. I never learn. Why did I go 20% OTM on my BCS?...
I've got some -600/+500 put spreads and some -865 CCs, both opened Monday though at different times (got the CCs sold near the top, the puts a little earlier than optimal)
The best the calls got to any point today was about 60% profit, and the puts were odder, the short leg was about even despite SP being $20 higher and 2 days of time decay since sold so spiking IV I guess....and the long leg was up like 50% again despite the 2 days of decay and higher SP.
I might consider closing the calls before ER if they get more in the 70-80% profit range maybe...but I'd be 100% comfy leaving them open and if we magically spike up $120+ Thurs/Friday I'm fine rolling em.
Will probably leave the put spreads open unless they move a lot more into green overall tomorrow, again not really concerned about the chances of these getting into trouble.
Closed my bought TSLQ 8/19 Puts this morning for $5 each - in for $3 yesterday.Update - I'm in as well for a couple of these.... why not!
Yes, I did not roll or close all my 810 CC's, small enough to not damage months of gains, but not optimal. I may still roll, but was expecting resistance at 775 and the call wall at 800 will protect them. We're past 775 resistance already, but will MMD kick in and bring us back inside, or is 775 now support? Max pain shows a big call wall at 800, but there is not of resistance after that until 850.It is earnings week so risk is higher. GREAT decision and no regrets, because it takes only one mistake to undo many months of work.
Anyone have any plays around the earning report?
I still have open 7/22 805 CC (opened 7/14). I was hoping to close before the earnings report, but am fine with rolling these if the SP breaches 800.
I closed out 7/22 450/600 BPS for ~70% gain yesterday (opened 7/14).
same, closing it nowFWIW left it all open through earnings-- then closed on IV crash this morning everything both puts and calls north of 90% profit (varying how much more than 90 by exact position and timing)
That's the one I'm thinking of...but I'm waiting for 800. Maybe it happens, maybe it doesn't, but I'm on the wheel as well so it's all good.Thinking about selling an 850 for next week if we approach 800 today with the expectation the price will get pushed down later in the day and I can close. Worst case scenario is these are "wheel" shares which I got from a 900 put execution. If it goes bad I can roll and easily get back to 900.
edit: sold @ $6.85. game on.