myt-e-s-l-a
Member
Rolling position and taking profits on the 1st leg (+10.30)
TSLA @ 262.25 -12.00
BTC +10x CC tsla 230630C260 @ 11.75
STO -10x CC tsla 230623C260 @ 7.50
for debit $4.25
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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
Rolling position and taking profits on the 1st leg (+10.30)
TSLA @ 262.25 -12.00
BTC +10x CC tsla 230630C260 @ 11.75
STO -10x CC tsla 230623C260 @ 7.50
for debit $4.25
Perfect moment to roll some DITM calls, and my broker has been down all day, FFS!
Ugh - super frustrating. Can you call and ask them to do it for you?
Thanks to the kind "non-advice" from some members here, I cleaned up my short call "bag of snakes" and can breath for a change.
Sharing what I did here in case it can be helpful to others:
During the volatility today I pushed all my ITM and soon-to-be ITM short calls (many were naked because of my nutty idea to stagger them $5-$10 apart each week which blew up in my face in the run...) to December 2025 -C500 and bought some December 2025 +C150 LEAPS. Gained some peace of mind, reduced naked calls in the process, and my maintenance requirements are no longer in danger in case of a continued run.
My plan is to either close the calls and sell the shares at a price I feel is the top for this run, maybe $360 or so, or to sit tight and wait for the correction once it's pulled back from that high, perhaps targeting $230-$250 by June 2024, where I can BTC some or all the short calls for small loss or even some gains.
My 5,800 shares avg. CB are $311 after all is said and done, so even if I let it run to expiration, I don't mind them being called away in 2.5 years @ $545 ($500+$45.23 premium) =$1.5M profit.
As this is my first time selling and buying LEAPS, those here that have been doing it for a while, can you share the ups and the downs of trading them and best practices as the time marches on?
GLTA!
Here are the positions I opened:
optionstrat.com
P.S. The reason for the three different strikes had to do with premium credited/debited from previous ITM short calls and was the best I could do. I will try to strike improve and reduce the few naked calls I still have at opportune times.
P.P.S. A side benefit from having the shares "locked up" to 12/2025 is that it forces me to keep them and earn the nice profits at the end (and yes, I realize TSLA can be $700-$1,000 or more by end of 2025 --and maybe not) but in the interim, there'll be opportunities to adjust.
Sharing what I did here in case it can be helpful to others:
During the volatility today I pushed all my ITM and soon-to-be ITM short calls (many were naked because of my nutty idea to stagger them $5-$10 apart each week which blew up in my face in the run...) to December 2025 -C500 and bought some December 2025 +C150 LEAPS. Gained some peace of mind, reduced naked calls in the process, and my maintenance requirements are no longer in danger in case of a continued run.
My plan is to either close the calls and sell the shares at a price I feel is the top for this run, maybe $360 or so, or to sit tight and wait for the correction once it's pulled back from that high, perhaps targeting $230-$250 by June 2024, where I can BTC some or all the short calls for small loss or even some gains.
My 5,800 shares avg. CB are $311 after all is said and done, so even if I let it run to expiration, I don't mind them being called away in 2.5 years @ $545 ($500+$45.23 premium) =$1.5M profit.
As this is my first time selling and buying LEAPS, those here that have been doing it for a while, can you share the ups and the downs of trading them and best practices as the time marches on?
GLTA!
Here are the positions I opened:
TSLA Dec 19th '25 150 LEAP Long Call (8) | OptionStrat
View my options strategy on OptionStrat
optionstrat.com
P.S. The reason for the three different strikes had to do with premium credited/debited from previous ITM short calls and was the best I could do. I will try to strike improve and reduce the few naked calls I still have at opportune times.
P.P.S. A side benefit from having the shares "locked up" to 12/2025 is that it forces me to keep them and earn the nice profits at the end (and yes, I realize TSLA can be $700-$1,000 or more by end of 2025 --and maybe not) but in the interim, there'll be opportunities to adjust.
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All depends on the close. If we close below the 5 day SMA I might roll them or close them out to de-risk. 5 day SMA on the daily currently sits at 261.43
scubastevo80
Member
Congrats to you guys still selling CC's. I'm now selling puts on the 5% drop today, I wrote some $235s @ $2, $220s @ $0.68, and $210s @ $0.35 for 6/30.
Tagging a few people here. FYI, decided to take advantage of today’s $10 drop to roll some of those near-term pesky DITM 190-220 CCs out to various January 2024 & June 2024 ATM-OTM (270-300 strikes). Everything was rolled for credit, usually $1-$2/shr. I don’t think the exact strikes/dates/credits are important to post (plus I don’t remember and would have to write it all down). The point was to get some credit, but mostly strike improvement until they were OTM. I just kept evaluating farther and farther dates until there were credits for OTM. Each roll was slightly different because the starting strikes were all different.
Also, closed a few iron butterflies (6/30, 7/14, 7/21), but not all:
+p165/-p280/-c280/+c195, +p150/-p260/-c260/+c170
Also, closed the BCS side of this week’s 240/250/300/310 IC’s and will reopen the BCS if the SP jumps again tomorrow.
Edit: Trying to preserve enough cash to facilitate rolling next week’s mega-mess disaster IB: 6/30 +p165/-p280/-c280/+c195. This was from a BCS gone bad that was flip-rolled to +p165/-p280, during the initial rocket SP run a month ago. Finally, because I have $10-$15k in each account and should be able to deal with the rolls next week, decided that I could roll that single -c255 to 6/30 -c260 for more credits (instead of allowing exercise to get the cash back). Might just be my only near term ATM position.
Also, closed a few iron butterflies (6/30, 7/14, 7/21), but not all:
+p165/-p280/-c280/+c195, +p150/-p260/-c260/+c170
Also, closed the BCS side of this week’s 240/250/300/310 IC’s and will reopen the BCS if the SP jumps again tomorrow.
Edit: Trying to preserve enough cash to facilitate rolling next week’s mega-mess disaster IB: 6/30 +p165/-p280/-c280/+c195. This was from a BCS gone bad that was flip-rolled to +p165/-p280, during the initial rocket SP run a month ago. Finally, because I have $10-$15k in each account and should be able to deal with the rolls next week, decided that I could roll that single -c255 to 6/30 -c260 for more credits (instead of allowing exercise to get the cash back). Might just be my only near term ATM position.
Yes, unfortunately. I don’t want to do it, again worst case, but will if I need to raise cash to deal with the other, shorter term ICs/IBs. Also, unfortunately, these CCs are not ATM, they are deep ITM. I have CCs in the $190-$220 range. Stupid, yes, in hindsight. The only way out of this pickle is cash, time, and/or drop in SP. Unfortunately, we can only have a guarantee on one of those.I might just let them get exercised. Still waiting, thinking, and analyzing.
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SebastienBonny
Member
Was patiently waiting for an opportunity to roll my 6/30 225 CC one month further for 150/week or 600 and this dip just made me able to execute. Was like 400 when we were at 275. Not bad being ITM and 225 isn’t even that impossible after earnings.
Should I be concerned with 7/21 -C220? It's only 2x and would have capital gains offset by losses. I want to roll with purpose by going up and out and at a credit. However, I don't want to go too far out, maybe not roll all, instead watch extrinsic. Yep, undecided.
Today's pause doesn't feel like calm before the storm. It feels more like I may have better opportunity to deal with these when we revisit sub-240.
Today's pause doesn't feel like calm before the storm. It feels more like I may have better opportunity to deal with these when we revisit sub-240.
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SpeedyEddy
Active Member
Well, well, you can thank me for the reversal since I finally moved my short calls out of harm’s way this morning and took paper losses in the process 
Let’s see if we test the 10-day tomorrow or if 258 holds. IMO the whole rally was based on fumes and was bound to end, just no one know when or if this is even the end.
Fun times!
Let’s see if we test the 10-day tomorrow or if 258 holds. IMO the whole rally was based on fumes and was bound to end, just no one know when or if this is even the end.
Fun times!
Is today what they call a bearish engulfing candle? (a red candle that is higher and lower than yesterday’s candle). The theory says it predicts lower prices.
Pretty bearish close.
- Bearish engulfing on the daily
- Inverted hammer candle on the 4h
- RSI looking like its losing momentum
- But it seems we got the golden cross on the daily
Yesterday I extrapolated the graph to cross Friday. Of course, unless the pirates sink the stock, just like the last time we approached the golden cross. After today’s action, I now expect continuous selling pressure into earnings, just to keep it from crossing. Darn, now I need to manage the BPS side of things. At least it’s in opposition to the CCs. Unfortunately, I need it to stay above $250 this week to close out those BPS’s. Ugggggg.
Powell tanked the market today by saying two more rates hikes maybe coming. Who knows if we go lower or bounce back before the weekend. We also have P&D coming soon.
Monday I sold 265 CSP for Friday. If we keep dropping I will try to roll for credit. Not the outcome I was looking for. While I do want 3,000 shares back, the cost basis of those shares stands at $209 right now.
Monday I sold 265 CSP for Friday. If we keep dropping I will try to roll for credit. Not the outcome I was looking for. While I do want 3,000 shares back, the cost basis of those shares stands at $209 right now.
Had a 6/30 -235p that I decided to close for a small loss. Will keep cash available until after earnings. All the discounts on the model S/X/3 inventory, and general consensus about margin being impacted should mean we'll decline towards earnings. Will sell CSP's once the negative sentiment seems baked in.
SebastienBonny
Member
I know I said premarket is not that important before, but going up/down 1% premarket is a different thing than going up/down 4%.
Trading below 250 now shows once more how fast Tesla can reverse. Premarket yesterday was 278 at some point..
Trading below 250 now shows once more how fast Tesla can reverse. Premarket yesterday was 278 at some point..
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