Wiki Selling TSLA Options - Be the House

[SpeedyEddy]

Okay, after handling all of my options (selling all DITM puts (including those P245 for 12/15) I can tell you all that;
1. First and most important, I got all of my shares back (PLUS A FEW EXTRA), to take down my average buying price of my fresh bunch (after selling a lot above that and even having been all out of stock earlier this fall) to $ 235.91
2. made up for my Wednesday mistake, in fact being very profitable on options over the week
3. I am now set up for a big move both ways, but still waiting for confirmation of the direction of the next move. (follow @dl003 for the fastest eyeballs on the move, I wait for 3 days to go in balls deep on direction (so WITH the flow. if up (as I still expect) -P big time as well as 6 month out LEAPS.)

 

[dl003]

Bought a +p230 for next week and will look to buy more because don’t we still have a gap to fill?

depends. IF (big if, very important), 206 - 247 was wave 3, then we're looking at a break away gap. May not be filled at all. I'm playing the divergence right now and so far it looks like the runup may not be done yet. Not saying we're in wave 3. Just saying not all gaps need to be filled (146 anyone?)

 

[dl003]

The 4h candle closes in 3 hours. However, the 1h candle closes in 10 minutes and we also have a hidden bullish div on the 1h. Bigger timeframe div = bigger bounce so 1h is certainly less prominent than 4h. However, what this is telling me is if the stock doesn't close below 232 in 10 minutes, the bearish momentum is running out and we're due for a least a dead cat. By 1:30 pm if we are not below 234.18 then maybe a big dead cat or even a higher high.

One thing I need to mention. First off, try not to get excited. Try to be as subjective as possible. I am as I'm watching the levels and indicators. But I think SPY is going to go up again at the end of the year. It's going to be a spectacular blow off top. When has SPY ever topped out without TSLA also running over the bears like it's National Railroad Day?

 

[Cattledog]

Big fight for 232 right now.

 

[SpeedyEddy]

Positions:
-Shares (and this really was the last time ever to have been so much out of stock!!)
- SHORT OPTIONS
[edit] apr 2024 -P250 @ 34.416[/edit]
- Long options
dec 8 255 call (@ .934)
dec15 180 put (@ .124)
dec 15 182.5 put (@ .124 also)
dec 15 290 call (@ .304)
dec 22 305 call (@ .294)
dec 29 320 call (@ .284)
jan 16 2026 510 call (bought a while ago @ 33.77)
-worthless expiring el cheapo put options for today (that I just bought to take advantage of an accident with the stock, like I hold some for the next weeks as you can see above.)
so ready to take a profit on a big move both ways, not betting a lot and not using margin.
Margin will be taken after direction is clear. Maybe I will sell 1 put today to close a little cash hole in my account.

 

[Knightshade]

Eh went and sold the +P225s for 12/8 on current 233 dip, so net profit on the original 220/225 spread comes to just under 300%-- theta just looked ugly AF holding this past today plus the potential bounce dl003 suggests made me think almost 300% was good enough.

 

[Jim Holder]

@MikeC

Some good news. I want to thank you for your tips/NFA back in June when I had to save several (stupid) staggered weeks of CC's from getting run over by the surprise run. I started with a debit of $349k from the rescue plan (60x -C500 12/2025 LEAPS @ $41.38 ($248.280.00); 11x -P300 12/2025 LEAPS @ $91.73 ($100,903.00)) and thanks to volatility the past few months, I was able to close the LEAP -C's at the $210-$200 area (swapped to lower number of -P's) and closed the -P's at SP around $248 last week for another win.

Worked a debit of $349,183 down to $120k, while still taking out ~$100k in gains from weekly CC's and small shorts on my longs (selling and rebuying lower) separate from this.

At this rate I should be done with the June fix by Feb/March and have the shares totally freed up.



PS Yes, one could argue I could have just left them alone, since TSLA over $500, or below $300, in 2.1+ years is a very good bet, but IMO better to not have the question at all if possible.

 

[2Pearls]

I always am amazed reading this board that most talk about closing their positions with a profit. We must have a lot of trillionaires on this board as it seems like everyone times their closing perfectly. /s

 

[dl003]

Another possibility, equally as likely as getting rejected at 255-260 before going down to 170-180, is going up to fill the gap at 290, before correcting with the market in Q1 2024. TSLA has ALWAYS filled bear gaps before making new lows. Nobody wants to map out corrections because they're messy but I'm trying the best I can.

 

[SpeedyEddy]

Big fight for 232 right now.

That was real close on a higher RSI, But still higher, so divergence intact @dl003

 

[Jim Holder]

I always am amazed reading this board that most talk about closing their positions with a profit. We must have a lot of trillionaires on this board as it seems like everyone times their closing perfectly. /s

I wish that were true

As for me, my batting average is not terrible for a noob and I also get painfully tangled up once in a while (see my post above this one), but I've learned lessons from each smack in the face and became more careful, plus taking profits when I see them instead of being greedy and waiting for the whole enchilada to play out. Suites me well for my style of trading.

 

[Knightshade]

I always am amazed reading this board that most talk about closing their positions with a profit. We must have a lot of trillionaires on this board as it seems like everyone times their closing perfectly. /s

It'll take a LOT of 90% profit on a few bucks a share options contracts to make up the net worth difference between a 235 SP and when it was 400 a share though

 

[SpeedyEddy]

Another possibility, equally likely to getting rejected at 255-260 before going down to 170-180, is going up to fill the gap at 290, before correcting with the market in Q1 2024. TSLA has ALWAYS fill bear gaps before making new lows. Nobody wants to map out corrections because they're messy but I'm trying the best I can.
View attachment 995463

that would fit in my theory (and make it important to close my only -P around 280, possibly with gains on the calls.)

 

[SpeedyEddy]

I always am amazed reading this board that most talk about closing their positions with a profit. We must have a lot of trillionaires on this board as it seems like everyone times their closing perfectly. /s

as you can see (or could have seen) we call our losses as well : Get a life!

 

[EVNow]

Eh went and sold the +P225s for 12/8 on current 233 dip, so net profit on the original 220/225 spread comes to just under 300%-- theta just looked ugly AF holding this past today plus the potential bounce dl003 suggests made me think almost 300% was good enough.

I'm not selling puts for next week yet. I think a few more analyst calls will come out slamming CT pricing ... atleast there will be a bigger dip on Monday, IMO.

But I closed my 260CC for today for 0.01 and sold half the 260CC for next week, 0.60. Will sell the rest today if there is a SP spike or on Monday.

 

[EVNow]

I always am amazed reading this board that most talk about closing their positions with a profit. We must have a lot of trillionaires on this board as it seems like everyone times their closing perfectly. /s

as you can see (or could have seen) we call our losses as well : Get a life!

Something got lost in translation there ...

 

[thenewguy1979]

I wish that were true

As for me, my batting average is not terrible for a noob and I also get painfully tangled up once in a while (see my post above this one), but I've learned lessons from each smack in the face and became more careful, plus taking profits when I see them instead of being greedy and waiting for the whole enchilada to play out. Suites me well for my style of trading.

we are different then others. We win we shared. We lose we cry internally. Dengenerates with Prides

My average before was 50/50

Now as parts of the pack it more like 69/31

 

[Jim Holder]

Another possibility, equally likely to getting rejected at 255-260 before going down to 170-180, is going up to fill the gap at 290, before correcting with the market in Q1 2024. TSLA has ALWAYS filled bear gaps before making new lows. Nobody wants to map out corrections because they're messy but I'm trying the best I can.
View attachment 995463

Is there any scenario where we don't go below $200 again in 2024? Asking re several CC LEAPS that would be nice to close in the 190's, but maybe BTC now and switch to -Ps if we run.

 

[dl003]

I'm not selling puts for next week yet. I think a few more analyst calls will come out slamming CT pricing ... atleast there will be a bigger dip on Monday, IMO.

But I closed my 260CC for today for 0.01 and sold half the 260CC for next week, 0.60. Will sell the rest today if there is a SP spike or on Monday.

I mean...
We get slammed for lower prices
Makes total sense we should get slammed for higher prices too.
Might as well change the ticker to TSLAM

 

[tivoboy]

QTA Levels for today

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12/1 - What a shift! Call walls gone, puts growing.

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12/8

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12/15

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It’s amazing but not surprising what fear can do.