Longtime lurker, first time poster - in this thread. I have been having some moderate success in selling CC's over the years, but have gotten a bit more aggressive lately. Not the best time to get more aggressive given the recent price action, but I believe I have saved myself some grief by buying offsetting Calls over the past few days. Here are my positions:
4x TSLA 230616C213.33 @ 7.51 (Bought) / 22.75 current
3x TSLA 230616C222.50 @ 4.46 (Sold) / 15.25 current
and
5x TSLA 230616C225.00 @ 9.80 (Bought) / 13.43 current
5x TSLA 230616C235.00 @ 3.00 (Sold) / 7.60 current
In both cases, I had sold some Calls, watch the underlying continue to run and rather than roll or sell at loss, bought Calls to cap the potential loss, and ideally, eek out a gain given the difference in strikes. The first set is in a taxable account, the second is not. I'm slightly upside down on the second set of positions, but the gap is narrowing as SP rises.
The way I see it, I may let the second set exercise if we do hold over 235 next week, assuming I hold until expiration. I think I should close the first set sooner or later as I do not want to have these exercise and they are decently ITM as of today. I still don't have a terribly strong stomach for these, and may just close both sets and sell some longer dated higher strikes to take advantage of the hot streak.
Still learning, appreciate the existence of this thread.
edit - I see we are over $240 AH now, so these positions should just max out at the strike differential, capping my gains.