Wiki Selling TSLA Options - Be the House

[elasalle]

Wow those CPI numbers to the rescue....

Hard to steer a large ship ....
I think it has been like 6 mths we have been thinking peak inflation is over and each time CPI came in hot ... finally some signs!!

 

[phantasms]

192.60 in PM... so let's see, 200 would be so sweet...

I'm putting my money on that gap between ~194 and ~$196. I put a sell order for $47.9 on that Jan 50 call I bought for $36 and said I wouldn't trade. . We're probably going to leave one heck of a gap on the downside today.

 

[bingoz]

9% run pre-market. I haven't seen this before. Love to see TSLA close above 200 today.

 

[Chenkers]

I'd expect previous resiatance levels to still apply on the way up. From various TA sources I'm looking at $197, $205, $226 and then back up around $230.

 

[BornToFly]

If TSLA gets below 179 it is going to flush

 

[ZsoZso]

Elon must be dumping hard again. Everything else is in full rally, TSLA dropping like stone since open.

 

[jeewee3000]

Elon must be dumping hard again. Everything else is in full rally, TSLA dropping like stone since open.

Could be. Or heavy profit taking from people that want to deleverage at this level.

 

[scubastevo80]

Elon must be dumping hard again. Everything else is in full rally, TSLA dropping like stone since open.

Thankfully rolled my 180/160 BPS to 170/150 for credit when we were up. This is getting ugly.

 

[ice]

Never thought the day would come that I managed to take all my shares back from a disastrous CC sale gone wrong (6 months roll). I finally buy to closed my 12/16 -250c @$0.82 today for 98% profit. Stock price around $177.56. (Was Sell to Open at $58.75/contract as part of a roll) . For 5.5 weeks to expiry and $0.82, I don't think the remaining premium is enough to risk a bounce for peanuts even though it went from DITM to 42% OTM and has a good chance of expiring worthless now. I want to release my locked up shares to sell CC on a bounce, maybe I can make that $0.82 back that way.

This started out as

Option | Credit | Date | SP (Pre Split) / Post Split
5/27 -600c | $38 credit/contract ($12.66 post split) | 5/25/2022 | $628.55/209.51
9/16 -700c | $5.82 credit/contract ($1.94 post split) | 5/26/2022 | $708.1/236.03
8/5 925c 9/16 705c | day trade between roll $9.23 credit/contract loss (3.07 post split)|
10/21 -720c / -240c | $8.94 credit/contract ($2.98 post split) | 8/3/2022 | $924.68/308.22
12/16 -250c | $2.62/contract post split credit | 9/22/2022 | $875.37/291.79

Close 0.82/contract |11/9/2022 |$532.68/ $177.56

net $16/contract credit (post split) over 24 weeks , so average $0.66/week?

Unbelievable drop though these went from $300 DITM (if I didn't roll the -$600c) to 42% OTM.

But I might have to do daily margin call spreadsheets again.....right now will be margin called at $160s. I really wish I haven't bought back those DITM $750c and $780c.....thought we are suppose to be at $1500 pre split end of year 2022? lol

STO 11/18 -195c $3.40 credit SP around $181 (pre split $543)

I only opened 1/3 as many contracts but that's enough to be a credit roll from the 12/16 -250c closed at 0.82/contract yesterday.

Baiting it to be ITM so I can save the rest of my portfolio...looks like it's already up to $4.8/contract since I sold lol

 

[Max Plaid]

Elon must be dumping hard again. Everything else is in full rally, TSLA dropping like stone since open.

If he was then he's finished for today but he looks of it...

 

[Chenkers]

I thought IV would crush after CPI came out but it's still 91.5% for this week. I still expect this to drop a lot and then wither out tomorrow. I have 170/185BPS for this week that I'd left underwater and are recovering but still really high due to the high IV.

Edit: All things being equal we should expect to reach $195 today (+10%), which would be around our 2x Beta from current NASDAQ. However the lingering TWTR hangover (or Elon still selling)may limit that potential.

 

[CHGolferJim]

Will wait until tomorrow to sell the 11/18 +10% OTM CC, too volatile today and probably n/a at 3:30 to check back in. The quick recovery after 9:45 am seems very positive. Good luck all.

 

[juanmedina]

any one having issues with their brokerage account? may position are all screwed up and they don't show up when I open something or disappear when I close them. The quantities are also screwed up.

 

[corduroy]

Thinking this would be a great day to buy some hedging, if one expects this to be a short bounce. I just know if I do, that would guarantee a sustained rally.

 

[MikeC]

Closed out this Friday's -p185 today that had been weighing on me. Also closed out 190CCs.

Feels like any CC here is a bet on when Elon will stop selling, which I'm just assuming he is at this point.

 

[BornToFly]

Crazy. 175 Puts I sold for next week are still worth more, after being up 5%, than when I sold them yesterday….

 

[ReddyLeaf]

Straddle Report: Today’s dumpster fire was amazingly brutal on straddles as well. Unable to keep strikes in contact with the SP. My one month away 12/09 -c215s lost 48% (-$2.43) just today while the -p215s were +37% (+$10.50) just today. There’s absolutely no way to manage these fast enough without making timing/directional bets. Tomorrow, I will try to roll out another week and down to 200s, but pretty sure this will require a debit roll. I really don’t want to get too close to the EOY or Christmas rally.

Hopefully I’m not posting in the wrong thread. Thought this was the Wheel Options thread, not the main chit chat one. Let’s try to keep it that way. Anyway, did the roll on today’s pop, freeing up enough cash to fill out a lot in two accounts, then sold 11/11 -c190s. Damn, never been that brazen before, so I guess this is a B/W dare you to take ‘em. I’m rapidly approaching 1:2 put/call ratio on my account with all this buying, so won’t be too upset to lose a few, but still planning to roll weekly for credit just for practice to keep in the game. Most straddles are at 12/16 200s, but now also have a few at 190, 192.50, and 195 (various 11/11-12/09).

What I’m learning is: that even 30 DTE straddles seem to require DAILY monitoring and adjustments to keep the strike in contact with the SP with the massive price variations that are common with TSLA. Must be mentally divorced from “owning” TSLA, have full cash/share backing and plenty of free cash for rolling. However, still love the premiums. Hopefully this helps others.

Edit: just looked at the Fibonacci series and voila, 190 is the 78% level, so perhaps a target for Friday. If that breaks, then it’s 200, maybe even up to 50% at $207.50. Hopefully this is the bounce that we’re all wanting.

 

[doddiozil]

The declining volume on the 15 minute chart and compared to previous days indicates that he might be done with his sales. Let's hope it doesn't pick up again in the afternoon like yesterday. If low volume for the remainder of the day I would expect forms 4 filed tonight and Elon's sales to be over.

 

[intelligator]

Rolled Mar '23 300 CSP to Jan '24 290. Wasn't looking , noticed after hours I only had 1.00 extrinsic. Watch your puts like a hawk!

 

[mb300sd]

Had to buy some 100 puts to enhance margin Tuesday. Looks like I'm taking 100% loss on those, but offset by -185p sold last week hopefully expiring. CPI saved me big time.