Are you sure that's the correct strike, premium or date? I don't see those prices for this Friday.
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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
Are you sure that's the correct strike, premium or date? I don't see those prices for this Friday.
That kind of premium must be DITM strike, not 210 this week.
Or he sold puts instead
I think he meant -c200's as they were in the $8 range at the top
First time in a long time I don't have any weeklies... I have a bit of FOMO not having skin in the game, but of course do have some substantial CC's and CSP's for July expiry
Nearly rebought the puts on the pop, but decided not to do it, could have made some good beer-money there, never mind...
Feels like FOMO to me. Perfect storm for the big money not to have some skin in Tesla's AI business IMO.
I sold a bunch of 215, 220, 225 CCs for this week just right now.
Make me roll these!
I sold a bunch of 215, 220, 225 CCs for this week just right now.
Make me roll these!
Too much premium today even with the drop back down below 200. Hoping for some decay overnight.
Sorry everyone. I'm completely exhausted. I spend the past several days doing part 1 of our move from NY to NH.
They were in fact monthlies. I was looking at the premiums and never changed back to the weekly. Trading options on Chase.com is like 1997 level tech.
As I didn't want to be in that trade I sold it for a nice. $2.36 profit.
They were in fact monthlies. I was looking at the premiums and never changed back to the weekly. Trading options on Chase.com is like 1997 level tech.
As I didn't want to be in that trade I sold it for a nice. $2.36 profit.
I have -207.5/+217.5 for Friday... do we expect the SP to get there ? A roll to -215/+225 is .21 at $200 , effectively giving back 20% of what i opened the spread for, assuming we stay below $215.
I'm going to wait out today before making a move.
We've been seeing a lot of big (AI induced) moves in the market recently. And the FOMO seems to be back again. That human trait often ends in tears, so I'm being cautious with my moves: rolled 10 x -p160 for this Friday, which were only $0.06, to 10 x -p170 for next Friday, receiving a net premium of $0.61. Small change, but I like to keep a bigger cushion between my strikes and the SP than usual.
I wish I knew. I think there is definitely a chance for 210+ by Friday. That being said, I'm sitting on my 207.5 at least until tomorrow. Ford is up more than TSLA today, so this is not just a TSLA specific FOMO/squeeze. I think a lot of this is Debt ceiling deal, and some is the F/TSLA Supercharger agreement, so maybe the excitement dies down after today.
Depends on the call. Anything ATM I will close & sell puts to recoup the losses. Chances are TSLA is setting up for a breakout, confirming 152.3 was the bottom.
Thanks.
What -P strike/DTE are you eyeing, and what breadth of breakout do you think TSLA can run?
I am still finding my way with playing short calls/puts and have a few -C that are not liking this rally. Though I am fine being exercised at their strikes, is it better practice to BTC at loss here (before/pre breakout) and re-sell when SP is much higher for more premium? (If I BTC now I’ll book an aprox. $30k loss.)
My current positions:
6/30 -C220 (currently -55%)
7/21 -C240 (currently -151%)
9/15 -C240 (currently -99%)
1/19 -C360 (currently -86%)
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I thought a decent amount of the debt ceiling deal had been priced in last Thu/Fri, but apparently not. Should've stuck with my original plan to sell this morning instead of being tempted on Friday.
I took a small loss of $0.30/share to roll my 6/2 -c210s up to 6/2 -c220s. (Timed buybacks/sales on the roll to try and get a better price.)EDIT: Also, there's a lot of noise from some rank-and-file Republicans about voting against the debt ceiling deal. Could be in for some serious volatility if it fails a procedural vote in the House.
Data for consideration:
Current data implying bullish momentum sinking/thinning out, bearish stance creeping in (red put line meeting green call line):
For comparison, this was last Friday (note the red put line way down and green mountains below = bullish):
Dealer Greeks buildup is still in short territory (see tiny red dot on far right. Until we see long green lines start to build, this suggests not to go long just yet until we see them, otherwise we'd be fighting the dealer trends):
The rest of the week looks volatile with no clear direction (can consider fading first move of the day -- which actually played out well today fading along with the drip from 204-197.50):
This is GEX levels for this week (red attracts, green repels). See how it's reverting to the red GEX all day practically, with seeming support at 180, 170, 160 (+GEX repels):
Noticed how TSLA is "pinned" to the red GEX level:
(Daily Candle - Today)
All interesting data for consideration when observed against price-action.
My interpretation of the data:
TSLA is range-bound between 188-205 until proven otherwise by the market action. For me this means no need to panic about red short calls just yet.
Current data implying bullish momentum sinking/thinning out, bearish stance creeping in (red put line meeting green call line):
For comparison, this was last Friday (note the red put line way down and green mountains below = bullish):
Dealer Greeks buildup is still in short territory (see tiny red dot on far right. Until we see long green lines start to build, this suggests not to go long just yet until we see them, otherwise we'd be fighting the dealer trends):
The rest of the week looks volatile with no clear direction (can consider fading first move of the day -- which actually played out well today fading along with the drip from 204-197.50):
This is GEX levels for this week (red attracts, green repels). See how it's reverting to the red GEX all day practically, with seeming support at 180, 170, 160 (+GEX repels):
Noticed how TSLA is "pinned" to the red GEX level:
(Daily Candle - Today)
All interesting data for consideration when observed against price-action.
My interpretation of the data:
TSLA is range-bound between 188-205 until proven otherwise by the market action. For me this means no need to panic about red short calls just yet.
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BTC'd those $220CCs @ $0.50 for a nice 66% same day profit. Might re-open later.
SebastienBonny
Member
At about 202 I rolled 200CC for this week to 6/30 215CC and opened a 220CC for 2 for next week.
Rolled 4x 6/9 -c190 to 8x 6/2 -c195. Hoping for a little breather this week to open up free positions to use to rescue other short calls.
Still holding 8x 6/23 -c195 and 10x 7/21 -c195. Will be patient with these.
Still holding 8x 6/23 -c195 and 10x 7/21 -c195. Will be patient with these.
I still have some $197.5, not sure what to do here, to wait or roll. That is the question 
. Sold some $215 for Friday for $2
. Sold some $215 for Friday for $2
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Can you explain some of your short call curing tricks, such an opening up free positions to rescue others, and being patient with DITM calls. Is the goal to bleed them as much as possible before closing them out, but that can risk a big run that makes the BTC way more expensive despite the bleed.
I have a certain number of positions (common or LEAPS) I don’t mind losing if we finally get a big run. Right now enough to sell maybe 30 contracts against - it was more like 50 last month but I’m getting bullish again. So if I can close some out this week (not looking like it), I then have flexibility to double and roll up my other short calls.
You could also do things like roll out 1 contract to make 5-10 far OTM contracts. When that one expires, you can roll out 1 more and repeat. Flipping half the calls to puts, if you have the margin, is also really useful in guaranteeing that half the position expires.
Of course, it’s possible that the stock keeps moving up more and you get deeper in the hole. That’s why it’s important to be at peace with losing the shares if you’re playing chicken with the steamroller. I have many more uncovered shares and LEAPS so I’m still happy if it goes up. After this past year and a half, I almost see the covered calls as a necessary sacrifice to get the share price up for the rest of my position.
I’m mainly just trying to stay ATM with my positions because that’s where the premium is. And it allows me to keep rolling the strike up each week, compared to when it gets too DITM and there are no good rolls. I’ve also been selling a few puts in a different account at the same strike to make a straddle across the 2 accounts, so if I have to roll at least I’m cashing in on my other account.
For your positions, I personally wouldn’t do anything until they’re closer to the money. Remember, you’re okay with having the shares called away, so you don’t need to do anything but wait to see what happens.
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