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I’m sure someone more knowledgeable me can answer this better, but the idea of writing ATM puts after assignment of short calls is to play “The Wheel”, the original strategy of this thread. Collecting premium is the main focus of it.
I don’t believe you technically have multiple short calls...
My strategy for getting out of DITM cc was to “split-roll”. I rolled all but one cc to same expiration one week out to get (small) credit. I used that credit to offset the debit to roll that one cc for higher strike improvement than if I had done them all at once. I also had some remaining ammo...
Consider transferring your IRA to a brokerage that allows for options trading, spreads, and limited margin. You may not end up utilizing these strategies, but at least you’ll have the option (get it? Hah) in the future should you so desire. Our Roth IRAs are at Fidelity.
Not financial advice...
Sage advice. Majority of my shares are in retirement accounts that do not offer any margin. I became interested in spreads due to the low capital requirements and my set goals for end of year with this capital in brokerage account. As this account is growing, I've begun to think there would...
Positions on Friday close:
1. 900cc 11/26. Continuing split/roll from Hertz/gamma.
2. 915cc 11/26. Able to split/roll another contract up.
3. 1140cc 11/26 and 1175cc 11/26. Perhaps one of these will expire OTM and I will have finally rescued an original 900cc. Otherwise, keep on...
1105cc rolled to 1175cc 11/26 for small credit.
1100/1150 and 1110/1160 BCS... hurts just typing it out lol. Waited too long, kept missing my opportunities to roll/close for less loss. End of the day, rolled 1/3 of each to 1110/1160 and 1135/1185 for even money as SP was running away from...
While understanding that by replying to this, I am adding to the noise in this thread, I just wanted to say I appreciate these actionable pieces of news, rumor, etc. The info in this thread leads to many concrete decisions that can have large effects on our short/long-term investments, and I...
Busy doing damage control this week.
Open positions on Monday:
1000/950 BPS 11/12
1040/995 BPS 11/12
900cc 11/12
990cc 11/12
Like most others, this was quite an acid reflux inducing week. Watching potentially weeks of gains dissolve and wondering if my risk appetite was appropriately...
Yuck indeed.
Recently I have been thinking more about closing this solo401k and rolling over into a traditional IRA. This would allow me much more flexibility in strategies to use (BPS, BCS, LCC). I would, however, then lose my eligibility for yearly backdoor Roth contributions. I think from a...
I never let anything expire. BPS, BCS, puts, calls. Too much uncertainty and shenanigans can happen after close. Better to pay a little and close than wake up Saturday morning in the hole.
I’d like to echo this statement. If you’re just getting started into writing options contracts, I’d avoid starting with spreads. Other opportunities with spreads will present themselves and it’s better to be well prepared for those than to be unprepared because of FOMO.
I don’t have any experience with call debit spreads, but the googling I did seems like an OK way to get back a little premium with -1250c since your +1200c is already a sunk cost. If we stay below 1200, you at least get the -1250c premium. If we’re between 1200-1250, your -1250c premium is yours...
Update for today:
Rolled half my 1100/1150 bcs as we were climbing past 1090. When I don't have full confidence to go all in, sometimes I'll go halfsies. Rolled to 1250/1300 for 11/5 for small but decent credit. Got caught up with work and I saw we spiked down bigly. the 1250/1300 bps were...
First, thanks to all the contributors on this thread. Really helps learning everyone’s trading styles, strategies, and contingency plans.
I had 745/795 bps from last week going into today’s open. Left them alone today with limit close orders for a few bucks.
I have 11/5 900cc that I had...
I dabbled in options trading with other companies last year. I thought I was super talented until all of a sudden I was not. Made me realize I'm not an options trader; I'm a TSLA holder/trader. TSLA + cash. What else do you need?
Fwiw, I find value in both forum posts and slack. Detailed posts for the forum, daily conversation-style chat on slack so as not clog up this thread. Just my $0.02. I’m not a prolific poster on either platform anyway.
Back on topic, I’m still holding off on any BPS until I see some premium...
Closed all my BPS for the week right before market close. I'm thinking we get a decent dip tomorrow down to 830-840 range, maybe lower. If premium looks decent, I plan on reopening 745/795 for 10/22 for some pocket change. If not, then I'll look towards 10/29. Chart voodoo looks like enough...
Wow, thanks for this. Did not know about it. I enter my trades almost exclusively through the phone app and I haven’t seen an option summary link in it yet. Maybe I’ll submit a request to Fidelity to add that feature to their app.
If no margin, then it is required to have the cash to pay the piper in case SP goes down and you suffer max loss.
In that example, it would be $8500 you would need for a BPS. You’d need $68500 if you were selling a regular $685 strike put. In a Roth, you would need limited margin privileges...
Closed 10/15 BPS 670/720 and 680/730 for ~ 70% gain. Did this mainly to open up my cash for...
Opened 10/22 BPS 670/720 for 4.55. Will add more as the opportunity arises.
Still have my 10/15 BPS 690/740. Probably will close tomorrow.
My guess is as good as everyone's about how things will...
I've thought about it, as the bulk of my portfolio is in retirement accounts. There's something about having investments spread across both taxable and tax-advantaged accounts that gives me comfort though.
I've also thought about doing this, but am trying to avoid having any $ in a...