Wiki Selling TSLA Options - Be the House

[intelligator]

Seems like there is a setup for an $850 Friday close...

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Since March 1st, I've not seen this level of interest. You are right , dead centered on 850.

I should have rolled at the MMD today. Doubt tomorrow will be opportune, may have to roll 780 to next week same strike for minimal credit or go out further and improve both strike and credit. Focusing more on snagging credit, I also missed re-purchasing the shares called away in May, the 6's and 7's are gone? Maybe best that we rocket upwards... August, September and December BPS can use the momentum. Another set of notes to self . Otherwise, mid June to now is looking great (some days are missing) , let's go !

 

[BornToFly]

Nasdaq futures up over 1% right now. I don't see us closing at 850 tomorrow. Max-pain is out the window. 880-910 is my guess. For the sake of my calls, I hope I still have my old contra-indicator powers.

 

[OrthoSurg]

Nasdaq futures up over 1% right now. I don't see us closing at 850 tomorrow. Max-pain is out the window. 880-910 is my guess. For the sake of my calls, I hope I still have my old contra-indicator powers.

Totally agree we might finish above 850,
We are entering full bull territory and a lot of bears might have to close their short positions and capitulate their short positions this week or next week. They will be adding to the bullish momentum.

Yesterday I sold 950CCs for next Friday. I thought there would be some sort of resistance at 910. We will see. Ready to roll. I would be happy to roll since my underwater puts will be 10% away from emerging from the abyss!

 

[Xepa777]

Im underwater on both puts and calls so I’m happy either way?

 

[Yoona]

continue managing risk... it is a steep fall if the latest rally is a bull trap

translation: letting the strike be near the sp is a bad idea (not advice)

 

[phantasms]

Sold a 900c for next Friday for ~$8.35.

900 is where my put executed several weeks back.

While there's so much that's bullish in the near and medium term for Tesla, I have zero cash to play with if this is in fact a bear market rally and we close that 750 gap...or lower.


Note: My selling calls is usually extremely bullish. Like, Elon changes his Twitter icon to a F9 taking off level of bullish.

 

[Yoona]

Tickeron | AI Recommendations

 

[Discoducky]

Ok, so maybe selling $860 calls was a flying a bit close to the sun for this week.

I'm hovering over the roll button for next week and thinking that $920 is safe-ish? $5.10 premium currently.

 

[Yoona]

Ok, so maybe selling $860 calls was a flying a bit close to the sun for this week.

I'm hovering over the roll button for next week and thinking that $920 is safe-ish? $5.10 premium currently.

perhaps Close is near PM High 858? 4 attempts to go there so far

 

[EnzoXYZ]

perhaps Close is near PM High 858? 4 attempts to go there so far

Let's hope so for the sake of my 875CC. I do NOT want to roll these over to next week with annual shareholder's meeting on deck.

 

[intelligator]

Still have the 780 cc for today , pennies left , gonna have to slide to next week even strike, whatever credit can be had. Closing isn't an option , too pricey. The underlying were picked up at 660 , would be okay to be called away but also would be a hit given it's a non-ira account.

EDIT: Placed an order for a roll to next week 775... I'll deal with the strike then.

 

[corduroy]

I was successful (ok, lucky) with my first try with @Papafox's strategy to roll LEAPs out.

Sold Jan 2023 C500s on Thursday as the SP was climbing and immediately put in a GTC order to purchase Mar 2023 C500s for the same price. The order executed earlier this morning. Per his recommendation, I went slow and just did two contracts. I still have a few more to do.

Interesting, so by splitting this into trades on up/down days you were able to get a "free roll". Is the main risk of this strategy that the SP keeps going up and you never get to buy the later call?

I tried this today on a Mar 2023 C600. I sold the Mar 2023 and put in the buy for the April 2023 for the same price. After a couple hours I started getting FOMO so I bought back the Mar 2023, but for $200 less than I sold it for. I may have accidentally discovered how to day trade my LEAPs for a profit.

 

[Discoducky]

Corey seems to have correctly predicted we would bounce around at $863 today from his youtube video yesterday after market close. And it feels like it is being capped there watching the price action today. If it doesn't hold and spikes, then game on. If not, I'm inclined to wait until Monday to see if we'll climb up to $904 (his next price target) as we are in a bull trend and then open up some calls around $1k.

 

[phantasms]

Sold a 900c for next Friday for ~$8.35.

900 is where my put executed several weeks back.

While there's so much that's bullish in the near and medium term for Tesla, I have zero cash to play with if this is in fact a bear market rally and we close that 750 gap...or lower.


Note: My selling calls is usually extremely bullish. Like, Elon changes his Twitter icon to a F9 taking off level of bullish.

You're welcome very much.


hmmm...I'm almost tempted to roll that 8/5 900 to 8/12 for another grand.

 

[juanmedina]

I sold a couple $980cc for next week for $1.7. I am not allowed to trade next week because we are going on vacation . I am really happy about this move but I am worried that it is only temporary but on the other hand there is a bunch of catalyst until Q3. I am kind of tempted to protect my portfolio here but I am not sure. I did sell a December $1020 for $60 and a $1050 for $56 on 200 shares that I have from some $910 puts that got exercised on me on margin.

 

[UltradoomY]

Also opened a BPS / +C hedge for August
This is -$900 / +$700P for $145 each
and +$700 C's for $100 each
I kept the $45 per contract difference as cash to bolster cash on hand to back these BPS'

As you can probably guess.... ***this is not advice*** ***I am dumb***
This isn't a large bet but looking to see how things move if we run up into earnings and after the P&D report.

Please, as always open to information on why I am so dumb and I should be working at Wendy's

Out of this today -
Closed the BPS - for the $50 each - I still had $45 from the original sell - at the time this BPS was fully ITM shares were at aprox. $670 when I made this trade.
Sold the $700 Call as well (08/19) for $180

Total profit was $130ish per contract for a month of holding.
Not bad, but I Probably won't try it again for a while. (selling a full ITM BPS and then buying calls with the cash)

 

[Drezil]

I had a dilemma. My portfolio is up 13k today. I want to buy insurance in case we go down - but don't want to give up upside.

So i played around. Straight puts are out as they most likely just burn the money. I expect that we either retract to 850 or go above 900. so i played with straddles. They all go into green waaay to far out (breakeven like 700 & 900).. And do not "scale" fast enough.
Played with butterflys and much much more.

Finally settled on this:

8/5 900p for fast gains on retraction, 8/19 800/900 BPS to lessen the impact of delta and get upside exposure, 9/16 -800p for even more upside, theta and financing.

In the screeshot the dotted line is the value on Monday. Break below 850? No problem, this thing starts printing! Rise more? Also print. Stay the same.. well.. that cost as much as the direct put and we still have 4 more days to move. But i plan on closing - or at least handling - it on monday when the stock market opens.

So in case we get a black swan on the weekend (china housing bubble finally bursts after the massive protests there currently; more covid-lockdowns; another ship blocking the suez-canal; meteorite hitting Giga Austin; ...) it should severly lessen the impact.

Also this has the possibility to "just close" the +900p if it is not needed anymore (because it is monday & i can react) and end up with a usual BPS + CSP that can be handled with the strategies we all here know.


Maybe this helps one or the other of you to protect the gains of today

 

[Drezil]

Out of this today -
Closed the BPS - for the $50 each - I still had $45 from the original sell - at the time this BPS was fully ITM shares were at aprox. $670 when I made this trade.
Sold the $700 Call as well (08/19) for $180

Total profit was $130ish per contract for a month of holding.
Not bad, but I Probably won't try it again for a while. (selling a full ITM BPS and then buying calls with the cash)

This reads like a classical texas-hedge With all the excitement of riding a bull-rodeo ..
Glad it worked out for you

 

[UltradoomY]

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These are looking pretty good now......

 

[ZeApelido]

No more trading from my phone.

I was drinking a beer on a boat on Lake Tahoe. I decided to sell $870 calls.

Except I accidentally bought $870 calls (OTM when bought). Closed those out for a 5x return.

I’m an idiot, but at least I just paid for this vacation.