Wiki Selling TSLA Options - Be the House

[dc_h]

Wow, I just rolled two Friday puts to next week for ~15 credit for each. I've been rolling these, now 870 puts for a few weeks for 1000 to 2000 credit each week. Last year I followed the surge up and bought sold calls back after selling calls for about 100 above the original CC price. Totally hosed myself, selling low, buying high and holding as we dropped. This year, I've moved these up from 850 to 870 to support the split, but am ok letting the stock run away. As much as I'm enjoying this premium, I rolled out 8 CC's when we ran from 600 to 900. The calls were from 860 to 900. If I had run the wheel, I'd be making about 20,000 a week selling puts and would have bought back the 900 calls with a nice premium. Just a reminder to stick to your guns, don't make fear based decisions and if you can't handle having your CC's called, maybe you're not playing the game correctly.
I may still miss a big run, if we do race up to even 1500, but if past is to repeat at all, there is a good chance we'll hit 900 again, regardless of how far our next run goes. I've been here since buying pre-split at $6.00 a share and appreciate this thread for finding a way to create a dividend for a growth stock. It has helped pay kids college expenses without cashing out and a couple\few nice trips as well. Still learning though and reminding myself I can do better.

 

[Yoona]

i wish there are survey buttons here

guys, what is your not-advice on rolling my -p to next week? what do you normally do? credit 16

1. roll now and get 16, take the week off
2. wait until thur/fri and roll for maybe(?) smaller credit
3. lock in the profits now, open 8/26 at tomorrow's dip

TIA!

 

[UltradoomY]

i wish there are survey buttons here

guys, what is your not-advice on rolling my -p to next week? what do you normally do? credit 16

1. roll now and get 16, take the week off
2. wait until thur/fri and roll for maybe(?) smaller credit
3. lock in the profits now, open 8/26 at tomorrow's dip

TIA!

View attachment 841189

I don't get it???

It's OTM - and at 61% profit - close it out if you don't like the position and look for another position later.

Are you hung over? This is not a normal Yoona post -
Stick to your plan and don't be greedy.

 

[BornToFly]

i wish there are survey buttons here

guys, what is your not-advice on rolling my -p to next week? what do you normally do? credit 16

1. roll now and get 16, take the week off
2. wait until thur/fri and roll for maybe(?) smaller credit
3. lock in the profits now, open 8/26 at tomorrow's dip

TIA!

View attachment 841189

I don't know if I should be giving you advice.... If you are really convinced the SP will be above 910 next week, you might make the most profit rolling it out a week now before the SP climbs (I did that last week with 860 Puts when I rolled early on a dip). But if you really don't want them assigned and you don't want to risk a loss, you are gambling on being right with option #1.

 

[Drezil]

i wish there are survey buttons here

guys, what is your not-advice on rolling my -p to next week? what do you normally do? credit 16

1. roll now and get 16, take the week off
2. wait until thur/fri and roll for maybe(?) smaller credit
3. lock in the profits now, open 8/26 at tomorrow's dip

TIA!

View attachment 841189

I would do 3.

Toady i limited my downside exposure. Had dec 600c for the run-up. Switched them to dec 900c + 50% sep 950c. Same delta, higher theta, but WAY less capital at risk (=half). If we stay between ~750-1050 until sep then this would have been a "bad move" costing 7k per contract @SP 900.
BUT i now have SEP 900c to sell aggressive calls against, earning the 7k "max-loss" until sep; making this a good trade.

already "covered" the dec-calls with friday -1050c.. if i have to let them go there we talk about ~1.8k gain in a week per contract (or ~15% ROIC) - otherwise i wait until monday to sell again
For the sep 900c i have no cover up to now as i want to be more ATM, but with a higher SP.

Also did similar with my friday 850/900 bull call (bought the 850 some weeks ago, sold calls against, ended up with 850/900 spread). I gave up ~5$ in rewards for rolling them to 875/900 - but will close the -900c on a dip (i.e. tomorrow) & reopen on a breakout. If that won't happen .. well.. i then have to take max-gain of 2.5k per contract (in addition to the 2k i already took in..).. could be worse i guess..

I am still weary of a downturn - but also have big, very aggressive 8/26 BPS-Position if we break out. opened 1000/900 bull put spread some time ago (i think 1-2 days before the shareholder meeting). opened for -66, will close for -30 & then look into new positions from there.

 

[MikeC]

Closed all my positions and opened a -c900/-p900 straddle for next week. Riding the tiger.

Fell off the tiger. Rolled the -c900 to 8/26 -c930 but keeping the -p900.

I do need to sell shares in the next couple months so I thought I was okay with exercise, but my incorrigible bullishness makes it psychologically difficult for me to hold an ITM CC while the share price runs up.

 

[Oil4AsphaultOnly]

i wish there are survey buttons here

guys, what is your not-advice on rolling my -p to next week? what do you normally do? credit 16

1. roll now and get 16, take the week off
2. wait until thur/fri and roll for maybe(?) smaller credit
3. lock in the profits now, open 8/26 at tomorrow's dip

TIA!

View attachment 841189

I vote for #3. Tuesdays used to be a dip day, but less so these past few weeks, so I'm just throwing you a SWAG (seriously wild-a** guess)!

 

[dc_h]

i wish there are survey buttons here

guys, what is your not-advice on rolling my -p to next week? what do you normally do? credit 16

1. roll now and get 16, take the week off
2. wait until thur/fri and roll for maybe(?) smaller credit
3. lock in the profits now, open 8/26 at tomorrow's dip

TIA!

View attachment 841189

I liked the premium. Happy to buy my shares back and happy to sit on some cash and get 2% a week premium. I understand if I could repeat 2% weekly for a long time, I'll be happy with the results.

 

[BornToFly]

MACD dropping, RSI dropping, SP holding. We'll see if we get another leg up. Next resistance for today is 931, so there might not be much more room to run today.

 

[juanmedina]

call premium are ok but not great IMO which is surprising. I sold a few 1050cc for $1.8

 

[Discoducky]

Not writing any calls yet, but my sold puts from March are looking nice and green

Will roll if necessary the 8/19's

 

[BornToFly]

Based on the Monday opening 20% rule, 1100 should be safe for Friday. I'm just trying to add in a little "stock split" rocket fuel buffer with 1120 for my next set, but lower IV compared to earlier today is not letting the order trigger despite higher SP than when I placed the order.

 

[ReddyLeaf]

Just sold -c1010s at $4.05. Just felt like today’s pop has ended. Probably guaranteed the next leg up is in 5min. You’re welcome.

Edit: and there it goes, jumped a couple $ right after my sell. Maybe it’s just the noise wiggle as bulls and bears fight for control. Edit 2: sold another, this time-c1020 at $3.50, unfortunately just as the SP broke that $931 resistance. Oops.

Oh well, I will roll if necessary, plus my Jan/Sept -p1000s & -p1100s will continue decaying, maybe eventually enough to buyback/roll.

 

[TheTalkingMule]

I guess I never sold one of my 8/12 $900c Friday and it executed over the weekend. No margin in my IRA, so I sold the shares and made a quick $2,700. Taking to proceeds to roll a couple 9/16 BPS wider & lower.

BPS 9/16 $1050/$820 widened and rolled down to....
BPS 9/16 $980/$860 (x2)
for ~$3 debit (x2)
and $2k in additional IRA cash margin

Elon willing, hopefully we can all get rid of these last few lingering BPS soon! I figure my worst case is I have to widen a bit(again) and roll out to November to catch the 3Q earnings report upswing.

 

[vikings123]

Just sold -c1010s at $4.05. Just felt like today’s pop has ended. Probably guaranteed the next leg up is in 5min. You’re welcome. Edit: and there it goes, jumped a couple $ right after my sell. Maybe it’s just the noise wiggle as bulls and bears fight for control. Oh well, I will roll if necessary, plus my Jan/Sept -p1000s & -p1100s will continue decaying, maybe eventually enough to buyback/roll.

We are definitely testing 941 today IMHO. That was the earnings high. Let's see if there is enough momentum to break the 941 resistance. If not today perhaps tomorrow.

 

[UltradoomY]

We are now through Resistance 1 ($915) and R2 at $930

If we can push through the 13 week and 30 day high of $940.82 then clear sailing till $960 for today.
The battle for $1000 will fall fast though if we approach it this week - too much short covering will happen and Gamma will exponentially rise with calls being that close to ITM

Long story short - be very careful with Calls this week.

 

[intelligator]

^^^ Oh, I guess not a good idea to have STO 8/19 985CC for $8 with plan to day trade or BTC Tuesday during the MMD ... oh well.

 

[Buckminster]

I've been rolling out 5 sold puts for months without any problems so far. When they go in the money I make sure to roll on the Wednesday or earlier. Generally get $10+ premium ($5k per week = $250k/annum). I didn't like CCs. Not saying it is foolproof but it leverages the same key insight that brought us all here - "TSLA is going up".

I'm happy to be ITM and don't bother rolling down the strike price. When OTM I roll up the strike price to maintain minimum $15 premium.

Simple and effective with less stress and work. Thoughts? This is in response to the points in the main thread where I have sympathy on both sides of the argument. Skill is generally required and it is not for the faint-hearted. Two margin calls (previous to my new strategy) so far which are to be avoided...

 

[Yoona]

for CC: be mindful of rare >20% OTM (Mon Open to Fri Close); 11 out of 631 weeks

 

[SebastienBonny]

I've been rolling out 5 sold puts for months without any problems so far. When they go in the money I make sure to roll on the Wednesday or earlier. Generally get $10+ premium ($5k per week = $250k/annum). I didn't like CCs. Not saying it is foolproof but it leverages the same key insight that brought us all here - "TSLA is going up".

I'm happy to be ITM and don't bother rolling down the strike price. When OTM I roll up the strike price to maintain minimum $15 premium.

Simple and effective with less stress and work. Thoughts? This is in response to the points in the main thread where I have sympathy on both sides of the argument. Skill is generally required and it is not for the faint-hearted. Two margin calls (previous to my new strategy) so far which are to be avoided...

As long as there is no early assignment, you will keep on doing this. Those are not cash secured I guess? What will you do when assigned early?