Man, I don’t know how you sleep at night. I just bought back 1x 2025 -c200 LEAP, and the price $115+ made my head hurt. As promised, during today’s dip, I bought back some of the BCS side of my IBs/ICs. Now more appropriately weighted; heavy on 7/15 & 7/21 BPS, lighter but still a few 7/21 ICs, and still various LEAP -CCs (200-300). Free cash is now near critical low, so really need the SP to stay between 285-300 this week to close some of these spreads. Some BPS are +p260/-p270, so I can probably easily mitigate/roll down to SP $265, but other BPS are +p275/-p285, so not easily rolled for credit. As always, GLTA.
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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
In for 20x 7/21 -c360s for $0.52/share.
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Knightshade
Well-Known Member
I sold a similar amount of -$342.50C at $1 earlier today, currently down 10% but not sweating that much (so far)... also sold a smaller amount of CSPs -257.50 for $1.50, those are up almost 20% (all Friday expiration)
I rolled my $225-215cc sideways for an average of $0.40 
. It really feels like a lost cause unless there is a sudden meltdown. Right now I think that even if the margins are bad the stock still is going to go up because of the momentum it has. I might keep my $270 puts for this week or rolled up to try to save a few calls.
. It really feels like a lost cause unless there is a sudden meltdown. Right now I think that even if the margins are bad the stock still is going to go up because of the momentum it has. I might keep my $270 puts for this week or rolled up to try to save a few calls.
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It's fine... just sell some weeklies and buy them back handful at a time, no need to panic, just keep plugging away, will get there in the end
Was far more stressful having DITM short puts when we plunged down to $100 than the opposite
Another option I have, although I want to roll up a bit higher first, is to sell the 3000x TSLA shares that were put to me at 260, then go heavy on the short puts (remembering that I have 30x Jan 24 +p250 already in place as a safety-net)
I like what you’ve been doing to unwind your unwanted short calls.
What kind of weeklies are “safe-ish” these days to pull in income to buy back rouge short calls but not risk making a bigger hole?
I have 40x -C500 12/2025 and 25x -C450 12/2025 I’d prefer to get rid of if I could. I parked them there in June when the recent run started threatening to run over some 220-240 short calls I had on, and after the dust settled recently I’d prefer not to be in “trading-jail” for 2.5 years
I don't think anything's "safe" right now, but obviously better to roll -c200's to -cATM if possible, even of the SP rises, there's still a weekly roll for improvement or premium available, the main thing os to get them away from the DITM state where the only hope is a correction - and as I've sold against LEAPS, I don't want that either - and there's always the chance some weeks they'll expire. And of course if you're writing a pile of ATM calls with a rising SP then straddling short puts gives some free money along the way to buy out moreI like what you’ve been doing to unwind your unwanted short calls.
What kind of weeklies are “safe-ish” these days to pull in income to buy back rouge short calls but not risk making a bigger hole?
I have 40x -C500 12/2025 and 25x -C450 12/2025 I’d prefer to get rid of if I could. I parked them there in June when the recent run started threatening to run over some 220-240 short calls I had on, and after the dust settled recently I’d prefer not to be in “trading-jail” for 2.5 years
If you recall, my initial strategy was to roll to Dec -c300's, which is already a far better situation as closing the lot out would yield an extra $100 delta between the underlying LEAP and the call, so +$1.5million, which is well worth the effort to resolve I think!
But it did occur to me that moving the -c200's to ATM is better as you will get multiple roll/expiries before end of the year
And I do think now it's better to get the 46x Dec -c300's rolled to weekly -cATM
Makes sense, especially for DITM -Cs.
As mine are far from being DITM (40x -C500 12/2025 and 25x -C450 12/2025) is the strategy any different, perhaps more leeway/moves I can make?
$70M short position opened today on TSLA. Maybe expecting summer weakness, @dl003 ’s $217-230 correction, or both.
I have no idea how ER will play out, but $70M short could go either direction. Remember what people bet on NVDA earning.$70M short position opened today on TSLA. Maybe expecting summer weakness, @dl003 ’s $217-230 correction, or both.
I have -p175/180/185 and -c300/320 for this week. Would like to close one or both sides at 50+% gain before Wednesday close but the stubborn IV usually keeps me in the position until after earnings.
I've been managing my losing CCs by letting some exercise and on others increasing strike by doubling contracts. It actually would have been better to just let the original bad contracts go at sub-200, but I've now sold a chunk around 200 and still dealing with -c230/255/275s. I don't mind too much because I've been selling CSPs which I wasn't able to do before in this account. One thing I'm realizing is that I need to sell at least 300 shares at the lower strike to then have the capital to sell 2 NTM puts. Just selling 100 shares obviously won't give the cash to sell a higher strike put and 200 shares only allows for selling 1 NTM put with a lot of cash left over doing nothing.
My guess about price action is we go up tomorrow morning before fading by end of day and then flat Wednesday going into ER. I think being in this macro upswing, there is more of a chance of up than down after earnings. Would love to see some margin improvement even if we're not at 20% yet.
I've been managing my losing CCs by letting some exercise and on others increasing strike by doubling contracts. It actually would have been better to just let the original bad contracts go at sub-200, but I've now sold a chunk around 200 and still dealing with -c230/255/275s. I don't mind too much because I've been selling CSPs which I wasn't able to do before in this account. One thing I'm realizing is that I need to sell at least 300 shares at the lower strike to then have the capital to sell 2 NTM puts. Just selling 100 shares obviously won't give the cash to sell a higher strike put and 200 shares only allows for selling 1 NTM put with a lot of cash left over doing nothing.
My guess about price action is we go up tomorrow morning before fading by end of day and then flat Wednesday going into ER. I think being in this macro upswing, there is more of a chance of up than down after earnings. Would love to see some margin improvement even if we're not at 20% yet.
Those seem very appropriate right now. Easily rollable if needed. I WISH mine were that far OTM.I have 40x -C500 12/2025 and 25x -C450 12/2025 I’d prefer to get rid of if I could. I parked them there in June when the recent run started threatening to run over some 220-240 short calls I had on, and after the dust settled recently I’d prefer not to be in “trading-jail” for 2.5 years
Thanks for posting his videos. Although I find his “style” incredibly boring and slow, he still has some good points. I was traveling today, but noticed similar bearish trading this AM. Here’s a summary of the largest 20 trades, most bearish (red highlights), though some calendar spreads (puts) that I “think” are bearish, but I’m not smart enough to know for sure. It sure looks like some whales are positioning for a SP drop from here.
Unfortunately, IV won’t come down until after earnings are released. Then options prices will crash, except those ATM, and we can’t know for certain which way it will go. I’m leaning more towards a SP rise tomorrow and then drop after earnings (because of the whale trading mentioned above), probably greater than 70% chance. Of course, this also means the most pain for my personal positions, eg more weighted to BPS this week, and -CC LEAPS. Hoping for a $289.xx-$291.xx close this week. GLTA.
Are you looking to get out of those short LEAPS to free-up the contracts for weekly income, or just concerned that the SP will rise much higher?
Wow, Dec 2025 -c500's nearly $50, that's crazy money...
Do you have ability to write more CC's and CSP's? 2x -ATM straddle buys-back 1x -c500, whichever way the SP moves, you've halved the risk and can then roll up the calls from here, or let the puts assign and then go 2x -cATM the week after to remove another (to 10x, depending on how much wiggle-room you've got)
Always risk that the SP dumps or pops of course, although one would have thought that 300 would be strong resistance and support when, and if, it arrives
i think there is high risk that earnings and margins come in weaker than estimates (at least on paper), and the bears could play out that narrative successfully for a few days at least. Coupled with significant directional overall market positioning by MM to the downside and in many of these higher flying mega traded stocks we could easily see 15-20% drops in short order, with delayed recovery into the fall - but that too is a bit suspect till proven out. Tesla is no exception at this point.
Whoa! p270 and p260 interest increased, as did a p220, p230, p235. Some increase at c310, c300, c290 , seems more weighted to the downside, put call ratio is 1.23 , more puts than calls.
I know house rule is to sell, not buy
... buying a few cheap low strike puts might be a good choice for Friday, for me, then filling those in with the short side of the BPS if we go up instead of down. Not willing to risk CC until 1DTE.
EDIT: I just realized the two chart colors didn't align , puts orange , calls blue.
I know house rule is to sell, not buy
... buying a few cheap low strike puts might be a good choice for Friday, for me, then filling those in with the short side of the BPS if we go up instead of down. Not willing to risk CC until 1DTE.EDIT: I just realized the two chart colors didn't align , puts orange , calls blue.
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I can’t write more CCs since all my TSLA shares are spoken for in the -C500 12/2025 and -C450 12/2025 short calls, so any new short calls will be naked. I’m 100% off margin fortunately, yet have a bit of room to try a few things due to the equity in the account.
What kind of ATM straddle are you referring to, buy call/sell put at same strike; buying both a put and a call same strike?
Thanks again!
We're bumping up against a strong resistance going into ER, which means we should expect some defensive positioning from big players. It should not be taken as a predictor for what's going to happen tomorrow. Throughout TSLA history, shorts have been loaded again and again. Sometimes they paid, sometimes they didn't. TSLA still went from $1 to $290.$70M short position opened today on TSLA. Maybe expecting summer weakness, @dl003 ’s $217-230 correction, or both.
To be clear, I'm still net long into ER. While a pullback can happen, it's become more and more clear to me (personal opinion, still needs to be confirmed by the chart) that a new bull market in TSLA began at 102, therefore I'm willing to sell ATM puts until my upside targets have been hit. I'm not advocating for buying calls.
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