-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
EVNow
Well-Known Member
Wait till there is one more price cut
I closed my 233.33 and 220 CC for tomorrow and I sold 250x CC for tomorrow for 187.5 and 190 strikes for 0.1 = $2500. Also sold 40x 160P for next week for $2.5 on the shares I sold yesterday at 183. Nice little end of week bonus. Will more than cover the cost of the Angel Flight I’m doing Saturday to fly a cancer patient and her husband home after her treatment tomorrow.
Can you please share your thoughts on cadence so we can plan CCs?
This 2nd leg down from 208 can take the form of a 5 wave impulse or a 3 wave zig zag. The red ABCDE is the dead cat bounce. Note that ABCDE is a denotation reserved exclusively for a triangle formation. Triangle correction/consolidation precedes only the last motive wave, which means this leg down from 188 should be the final one. So the big leg down from 208 can't be a 5 wave impulse. A 3 wave zig zag it is. In a zig zag, the most often observed ratio between the first and second leg is 1. First leg 208-176. 2nd leg from 188 to 156. It fits the current magnitude of the drop the best.
Thanks. So looks like MM will be stuck well below Max-Pain this week. Surprised they won’t run it up.
CCs: Sold 10x 167.50c, 10x 170 for this week. Sold 10x 175c for next week and the following.
3rd Friday of the Month. Just you wait. Big run up tomorrow and then destruction on Monday.
Also I bet max pain was dramatically changed at about 9:45 this morning.
Closed my 195cc 6/16 for nice profit. (I had been rolling this up since Jan squeeze up. lol)
Opened 135p 6/16.
Positions:
Covered Calls: 180cc 6/16
Short Puts: 160p 5/26, 166.67p 6/16, 135p 6/16
Maybe we hold this level for a minute. If not, we can fall to 146-155 range.
Opened 135p 6/16.
Positions:
Covered Calls: 180cc 6/16
Short Puts: 160p 5/26, 166.67p 6/16, 135p 6/16
Maybe we hold this level for a minute. If not, we can fall to 146-155 range.
Kind of how I'm feeling this morning. I decided to close my 160/150 BPS expiring this Friday. Two days ago I had a 2/3rds profit I decided to wait to take; today I get out with a gain, but more like 20%. Despite the position being OTM right now and on track for full gain in 2 days, I don't want to risk another $5-10 down day tomorrow.
Besides, a big down day is a good day to open a new position! It was the main reason I was thinking about closing a couple of days - so I'd be ready to open the position for next week. Ah well.
EDIT: Aren't I feeling smart right about now.
Last edited:
TBH IV crushed immediately at open c190's for next week, 33c, not sure I've ever seen it that bad! Hopefully recovers a bit in the coming days
Well, that was stupid, how many times have I told myself to just take the current market price if I like something
So what are people's plans? Finger is hovering over $150 put selling for next Friday.
Your broker must be making some good bank, wow!
I sold half of my long $170 puts expiring this Friday, letting the other half ride. I rolled my 4/21 $170c to 4/28 $160c - this is an "I dare you" position. I also opened up some 4/28 $180c earlier today that are up almost 50% already, will look to close them at around 75-90% for an opportunity to open a new position if it arises.
I'm feeling pretty bearish at the moment, but want to give myself an opportunity to take advantage of a bounce if/when one comes.
Long time ... keeping busy without trying to trade ...
Experiencing FSD daily ( already have 4-5 versions under the belt). Apart from some interceptions when traffic is really busy - mostly to press the accelerator to make faster decisions, has been doing well. But long way to go in my opinion. ...
Bought 3 more Dec 25 170 calls, after moving Jan 24 500/600 calls to Jan 24 400s with the monies.
Closed some calls for big losses, but taking 50K of Other Peoples Money as IRA distribution Selling calls and then taking distributions (even with paying more taxes ... might be my next modus operandi) - all calls bought by selling other calls.
Lucked out in buying Tesla shares at ~ 108 with sale of my Model 3, and selling thoses shares at $208, to pay off my Model X loan. Model X at Model 3 cost.
only some Cyber Truck deliveries in 3Q will likely get us out of this funk.
Miss hanging out on daily basis - but getting 1st hand news on twitter and watching 1/2 videos in evening to get my Tesla news these days
cheers!!
Experiencing FSD daily ( already have 4-5 versions under the belt). Apart from some interceptions when traffic is really busy - mostly to press the accelerator to make faster decisions, has been doing well. But long way to go in my opinion. ...
Bought 3 more Dec 25 170 calls, after moving Jan 24 500/600 calls to Jan 24 400s with the monies.
Closed some calls for big losses, but taking 50K of Other Peoples Money as IRA distribution
Selling calls and then taking distributions (even with paying more taxes ... might be my next modus operandi) - all calls bought by selling other calls.Lucked out in buying Tesla shares at ~ 108 with sale of my Model 3, and selling thoses shares at $208, to pay off my Model X loan. Model X at Model 3 cost.
only some Cyber Truck deliveries in 3Q will likely get us out of this funk.
Miss hanging out on daily basis - but getting 1st hand news on twitter and watching 1/2 videos in evening to get my Tesla news these days
cheers!!
I'm not.
For a moment, let's forget how this drop has been in the making for weeks.
Consider this: even after multiple price drops and an ER "miss", the stock has not even touched the 50% retracement level @ 160 yet! Why be bearish here? A lot of new money is waiting to buy TSLA at this level. And we're supposed to be long term HODLers?? There's a reason why you might feel bearish here. A lot of people do and that's why we're dropping hard, but is it rational considering the SP?
ER was fine. It's the SP drop that makes you feel bearish. Once again, don't wait for news to make up your mind about the short term direction of the stock.
Last edited:
I appreciate it; to be clear, my bearish sentiment is in the very short term. I'm not terrified of a steep drop from here, but I also don't expect a rapid climb (though I would welcome one!).
At a macro level, I am mindful of the fact that the "X date" for the U.S. debt ceiling is now being discussed as early June. Though the markets have largely ignored the black swan of a US default, I am starting to eye the possibility of market volatility as we get closer to June without a resolution.
Me too. But it doesn’t feel like a bottom yet, so I haven’t pulled the trigger. And the premium for the p150 is still pretty low.
(By the way, yesterday I chickened out and bought back my last 5 strangles p160/c210, 10 minutes before close. A decision I don’t regret).
Similar threads
