Wiki Selling TSLA Options - Be the House

[JusRelax]

Fidelity has been down for a while. App, web, and Trader Pro. Can't close out my naked 280 calls for Friday.

I sure hope your naked 280 calls are fine.... because my covered 255s that I had already rolled from 250 would be in a much WORSE position!

 

[kabin]

Fidelity has been down for a while. App, web, and Trader Pro. Can't close out my naked 280 calls for Friday.

I don't know if they offer it but it would be nice to do a desk order at least.

 

[Max Plaid]

Well, that was an almighty effort to push $TSLA red into the close...

I was a little worried, I BTC 35x 9/1 -c230 @$27 when the SP was $256.70ish about 15 minutes before the bell and see a STO 33x 9/8 -c230 @$28.1, and the SP dumped below $256, but that run into green right before the close triggered the order

OK, maybe tomorrow we get a fat green open and better call selling, but maybe we get the opposite - I'd expect a push down towards $250 at some point. Anyway, when rolling, better to get it done ASAP regardless

 

[Jim Holder]

Annoyingly unclear/lousy day for TSLA for swing/day-trading, perhaps expected after the $18 dollar run yesterday. TSLA dancing around the 50-day.
Tagging $260.51 today was nice but sellers were waiting behind the corner and sold right into it. I wonder if TSLA will get over the $259-263 obstacle course this time around or needs $242 first to get a stronger start.

September starts this Friday and according to the chatter it's TSLA's weakest month on the whole. If true we have some headwinds to get past if at all.
Maybe $240's are calling sooner than we thought?

We also have PCE tomorrow pre-market.

 

[Jim Holder]

(Mods: If these updates aren’t appropriate please delete and let me know so I don’t post them on delicate TSLA days like this week).

Update from Cary:

Tomorrow’s swing range can be $251.21-$258.38.

A close over $264.46 is key to any further upside in September, otherwise downward continuation is possible.

For those not long currently, consider only going long after a close over $264.46.

Holding tomorrow below $258.38 opens the possibility of $242.35 for a daily low if we break $251.20.

If TSLA closes over $264.46 tomorrow, consider closing puts/shorts, expecting $289.52 by the end of next week and a test of $306.13 in 2-3 weeks.

And remember Monday market is closed for Labor Day.

(We can check back end of next week to see how much of this was right.)

 

[Max Plaid]

Pre-Market was a mixed bag, bears using the slightly warm PCE to knock it back to red... I can predict today at all, if we break 260 then I'm looking to close out my -c260 calls a sell the shares (works out cheaper than letting them exercise), then sell some straddles, looking at a modest 10x -c260 for next week and maybe 20x -c250 to facilitate a roll-up of the 10x -c240's

No idea, let's see where it goes

Edit: in fact a 10x -c260 would be a roll from this week, of course, but would be writing against LEAPS and not shares if it happens

If the Hedgies manage to push it down to 250 then 10x -250's will be enough to resolve the -c240's

 

[CHGolferJim]

Pre-Market was a mixed bag, bears using the slightly warm PCE to knock it back to red... I can predict today at all, if we break 260 then I'm looking to close out my -c260 calls a sell the shares (works out cheaper than letting them exercise), then sell some straddles, looking at a modest 10x -c260 for next week and maybe 20x -c250 to facilitate a roll-up of the 10x -c240's

No idea, let's see where it goes

Edit: in fact a 10x -c260 would be a roll from this week, of course, but would be writing against LEAPS and not shares if it happens

If the hedges manage to push it down to 250 then 10x -250's will be enough to resolve the -c240's

Looking for a little dip this AM so my GTC of 15Nov$240 will strike at $32, already sto 20Oct$240 at $29. Idea is to roll in at same strike to try to get these off the board sooner; debit covered by earlier 15Sept$240. Feels a little frisky with imminent CT/Highland announcements.

 

[rikkert]

If the 1 sept highland reveal rumors are true, us folks with ITM -CCs might be in (more) trouble

Contemplating closing the position.

 

[Cherry Wine]

If the 1 sept highland reveal rumors are true, us folks with ITM -CCs might be in (more) trouble

Contemplating closing the position.

It's hard to know how much of this week's rise has been in anticipation of a 9/1 Highland reveal, though - that date has been out there for a little while now. I could see a sell-the-news effect tomorrow even if Highland is announced but somehow disappoints.

 

[SpeedyEddy]

260 (259.95 in my graph) really seems to be a tough nut to crack, so if it gets crossed violently then buckle up once more especially is 263,91 gets crushed as well. But because of the resistance being so tough, I really expect a pullback to 242 to be more likely.
Made a lot on selling and rebuying C250's for tomorrow. So dinner secured in another way..

 

[dl003]

It's hard to know how much of this week's rise has been in anticipation of a 9/1 Highland reveal, though - that date has been out there for a little while now. I could see a sell-the-news effect tomorrow even if Highland is announced but somehow disappoints.

they always do.

 

[Cherry Wine]

they always do.

Indeed. I'm primarily positioned for a drop tomorrow (sold off a lot of my short term calls on this week's rise), but also bought 9/1 $260s with some of the proceeds in case the market reacts really positively to a reveal.

 

[dl003]

Call outflow today is very apparent so I have to agree with your positioning. I did this:

Buy 250/245 put spread exp 9/8 & sell 9/8 308.33 call exp 9/15

 

[Jim Holder]

Call outflow today is very apparent so I have to agree with your positioning. I did this:

Buy 250/245 put spread exp 9/1 & sell 9/8 308.33 call exp 9/8

Typo $308.33?
Not on the chain

 

[dl003]

Typo $308.33?
Not on the chain

View attachment 969768

308.33 exp 9/15 it is

 

[Blue horseshoe]

308.33 exp 9/15 it is

They show up for 9/15

 

[Jim Holder]

308.33 exp 9/15 it is

I see it now 9/15 (not 9/8). Thanks.

 

[Jim Holder]

Buy 250/245 put spread exp 9/8

For your 9/8 250/245 put spread, is that:

Buy +P250
Sell -P245

 

[Jim Holder]

Sell blocks waiting at $260. TSLA rejected it 3x already. Sometimes it can plow through but not looking strong enough.
Selloff might happen sooner than anticipated.

 

[SpeedyEddy]

huge call-wall on 260 for tomorrow does not leave much room on the upside as well.