I have 30x $210 cc's for this Friday. I need a -10% move to scape. What is the record for green days in a row? I don't see any good rolls here and I don't want to roll to far out and then get even more trapped. I need some red days 
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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
Buy to close existing spread -
Sell to open new spread but opposite strategy - ie. existing is calls - sell to open puts
has to be the same amount for even credit -
Example BCS - to BPS
Would need credit to offset.
Roll is the roll out in time.
I personally do not like this much since we usually reverse shortly after something like this happens. (not advice)
Totally forgot that I have 15x Jan 2024 +c233 LEAPS that I can use to write against, this gives me some wiggle-room for closing out some of the under-water July -c200's
So...
BTC 5x July 21 -c200 @$52 (net -$38)
BTC 50x July 21 -p200 @$3.3 (+$14.8)
STO 20x Jun 16 -250 straddles @$14.5
So essentially a roll of 5x July -c200 -> 20x Jun 16 -250 straddles = one side will win, so it halves the exposure and -c250's will be a lot easier to roll than -c200 if they're ITM on Friday
Now have 145x July -c200's (instead of 150x), baby steps... and I could allow 5x of the -c250's expire ITM and sell the underlying LEAPS and pocket the +$50 premium I would otherwise have lost, but will use those "spare" contracts to assist rolling the rest up and out
And now I see my broker interface screwed-up and I ended up with 40x -c200's for this week instead of 20x, have a buy order in for those, FFS, although I would expect them to expire, but risky to leave them as they're naked
And if course the SP shoots-up while I'm trying to get out of those without throwing money away
Meh, bought them back with 80c loss per contracts, not the end of the world, but very annoying! Can't let this run naked the way TSLA is behaving
(the issue is that I place an order and it just spins, never completed with confirmation. I refresh the screen and go to the ending orders and there isn't one, so I place a new order, but the other one is still there in the background and triggers. Normally I'd give 5 minutes to see if it's all cleared-out, but was in a hurry today to get the straddle in place before the price dumped down - which is what it was looking like at that moment)
Edited for typos - thanks @ReddyLeaf
So...
BTC 5x July 21 -c200 @$52 (net -$38)
BTC 50x July 21 -p200 @$3.3 (+$14.8)
STO 20x Jun 16 -250 straddles @$14.5
So essentially a roll of 5x July -c200 -> 20x Jun 16 -250 straddles = one side will win, so it halves the exposure and -c250's will be a lot easier to roll than -c200 if they're ITM on Friday
Now have 145x July -c200's (instead of 150x), baby steps... and I could allow 5x of the -c250's expire ITM and sell the underlying LEAPS and pocket the +$50 premium I would otherwise have lost, but will use those "spare" contracts to assist rolling the rest up and out
And now I see my broker interface screwed-up and I ended up with 40x -c200's for this week instead of 20x, have a buy order in for those, FFS, although I would expect them to expire, but risky to leave them as they're naked
And if course the SP shoots-up while I'm trying to get out of those without throwing money away
Meh, bought them back with 80c loss per contracts, not the end of the world, but very annoying! Can't let this run naked the way TSLA is behaving(the issue is that I place an order and it just spins, never completed with confirmation. I refresh the screen and go to the ending orders and there isn't one, so I place a new order, but the other one is still there in the background and triggers. Normally I'd give 5 minutes to see if it's all cleared-out, but was in a hurry today to get the straddle in place before the price dumped down - which is what it was looking like at that moment)
Edited for typos - thanks @ReddyLeaf
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The record is 11 days in a row, which we matched on Friday. A green day today would be a new record.
Tempting to buy some Puts in case Powell tanks the market, but CPI predictions are looking good for a Fed rate pause.
My famous last words....
Between the consecutive up days and Powell on Wed I see some relief for our jailed CCs
LOL
SpeedyEddy
Active Member
the best chance for a surprise and for sell the news.
Typo? The Jun 16 -250 straddle is $14.x. The -200 is $50!
Edit: looks like (hopefully) a lot of typos in that post. It just seems like we were at $200 last week.
Otherwise, great strategy. Thanks for the ideas.
SebastienBonny
Member
Rolled 225 CC for friday to 6/30 for 3ish, which is twice my weekly goal.
Ooops, yes, of course, the straddles are for this week, the -c200's are July 21st expiry, sorry!!! Will edit original...Typo? The Jun 16 -250 straddle is $14.x. The -200 is $50!
Edit: looks like (hopefully) a lot of typos in that post. It just seems like we were at $200 last week.
Otherwise, great strategy. Thanks for the ideas.
Of course the idea is just to get some of the -c200's rolled-up enough, without losses, and expire, playing weeklies for that to use the extrinsic to battle the intrinsic in the monthlies
Hiya, looks like SPY and QQQ joined the uber-bull party today, rallying to their highest closing levels since April 2022
Can you update us what you’re seeing (and how you’re playing) re TSLA? It had its 12th consecutive close in the green today.
Many of us here have trapped -CC’s and are scrambling to deal with them, expecting TSLA to not have crossed $230 by end of June, not to mention $250+.
Thanks in advance!
What concerns me is that Level 2 data today showed a lot of resistance with sellers at 250. I don't know what the next resistance will be if 250 doesn't hold the next two days.
The Daily Trader thinks we have an ascending triangle and could break 250 soon, maybe tomorrow.
Edit: Fixed typo. 250 not 150.
The Daily Trader thinks we have an ascending triangle and could break 250 soon, maybe tomorrow.
Edit: Fixed typo. 250 not 150.
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That is interesting. Their MO seems to be to try to somewhat time peaks and valleys for sells and buys. I'm sure this 12 day run-up has their TSLA holdings getting to be greater than their target of 10% of their holdings. And while that doesn't mean they have to sell, I expect they see this as an opportunity to double down on other stocks that haven't run up like TSLA.
While their track record for timing sales and purchases is sketchy at best (e.g., NVDA), they seem to time their TSLA sales and purchases pretty well (particularly purchases).
EDIT: bullish that the SP performed so well, even in light of ~400K shares being sold by ARK.
TSLA is going semi parabolic purely on call inflows. Right now I am still pushing my put strikes up to offset the growing loss on my -190C but when we see 265 that will be it for me. I’ll just use profits from the puts to roll them calls out to 1/2024, hopefully getting -300C for the money, then wait and see. By wait snd see I mean Im not going ITM with the puts anymore but rather $10 OTM. First we need to see a clear rejection to the downside, then a few down days before spiking again. Judging by the strength of that spike, we can then tell if its the last spike or not. Im still pushing my put strikes up because the initial rejection still has not happened yet. Crossing 260 will be an exception - too high for me to chase.Hiya, looks like SPY and QQQ joined the uber-bull party today, rallying to their highest closing levels since April 2022
Can you update us what you’re seeing (and how you’re playing) re TSLA? It had its 12th consecutive close in the green today.
Many of us here have trapped -CC’s and are scrambling to deal with them, expecting TSLA to not have crossed $230 by end of June, not to mention $250+.
Thanks in advance!
Yesterday, on level 2 data, there was a sell wall of almost 400,000 at 250. Today there are much smaller walls at 255 and 260, although the SP has come down from the open as Macros have pulled back.
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