C230 load-up the 30th to 31st came off the table. Slight increase at C220 , P195 , C205, C200. Same highest call and put OI at $200 and $185, slightly more calls than puts. I'll need to manage/close -C207.5/+C217.5 during the MMD, give back some but not all of the credit.
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Wiki Selling TSLA Options - Be the House
- Thread starter adiggs
- Start date
I've tried selling fewer CC closer to the money, but I've found that the losses get so large, I can't make it up. For me, it works best to pick strikes that either never get ITM, or start so far OTM that they are rollable to what is hopefully a safe strike. TSLA has been on a tear the last month. I got a little greedy on the 207.5 and might have to roll for a loss. Luckily the 207.5s are a small percentage of my CC. The rest are at 212.5 for tomorrow. But if the new Model 3 is revealed, a 10-20% up day could happen. I don't know if there would be a significant pull back a couple months later like what happened with the Hertz situation a couple years ago.I'm seeing you being very careful selling CC's (also because you have the position to sell a lot, of course), but seeing the price action of the last weeks, is it still really worth it going further OTM for lower premium in your opinion? It's not like 207.50 is completely safe right now. Those are probably a lot higher in value now than when you sold them. Wouldn't it be better selling less contracts closer (with higher premium) or do you prefer being further OTM?
Just out of interest.
Made two rolls yesterday to reduce number of CC contracts, return one tranche to the buy-write cost basis and punt the 2Jun:
- 2Jun$185 —> 9Jun$185, $1.67 credit per contract enabled reduction of 3 contracts at small debit, will continue to roll indefinitely up to target of $202 cost
- 9Jun$195 —> 16Jun$200, increase of 1 contract with enough credit to cover both rolls and return this buy-write to cost basis; plan to roll $200 bi-weeklies indefinitely as long as SP > $200, potential annual income of $100/share
- sold 4% of shares at $200 for a $15 profit (+ net premiums) on a second buy-write tranche
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Closed at $1.50 just a few minutes ago...
Will look for another position to open sometime later today / tomorrow.
$7.80 per contract - less than 24 hours - I will take that anytime!
My -200C hopes your money is right
Is it just me or have you been absolutely killing it lately? Any trades going against you?
I threw in the towel for this week. Rolled to -205C/Jun9 for $1.15 credit.My -200C hopes your money is right
EVNow
Well-Known Member
Yes - lost on playing around last Friday with buying puts and calls near the money - around $600 lost.
Couple of weeks before that - a Collar I got into went against me and I took the loss on both sides - but I just closed it out for the loss.
Didn't try to roll or get fancy.
I think that has helped me a lot this year because I'm not trying to fix something - I saw what I thought was a good position, it wasn't and I move on to look for a different position.
This makes sure that every position I go into is a new position with a fresh outlook instead of trying to fix something.
Other than that - no. (not sure if there is a cross your fingers emoji?)
Just staying small - largest position (other than shares and leaps) are 15-20 contracts - most positions are 10 contracts.
Gives me the bravado to get close when I think the momentum is going my way and leaves lots of room to fix things.
Not a chart or TA guy but I keep an eye on the BB's, RSI and VWAP - other than that it is gut feeling.
Using proceeds to buy leaps - but may switch to shares soon as I am getting very leap heavy right now and they are all max expiration and $200 strike.
Lost a bunch of money last year by writing Puts when we were near ATH's and rolling forever before just cashing them out.
Now just sticking to being in small positions with stop losses set most of the time.
And another big thing is taking the early close when it is available!
I'm sure I will lose pretty soon as it always catches up to you, but hopefully staying small will let the hit I take be minor compared to last year.
Still holding -c195, hoping to roll to -c200 next week on weakness today or tomorrow. I’m prepared to be run over by the steamroller but there’s always that chance of the end of week reversal.
Just opened 06/23 $250C's for $1.50 each
Please hit that strike!
If we break $215 next week I will turn the above calls into a straddle with $250P's as well.
Please hit that strike!
If we break $215 next week I will turn the above calls into a straddle with $250P's as well.
Closed -c200 out as well. I hope I won't regret it. Not rolling for now.
Edit: opened -p200 position for next week.
Does too high too fast still apply? ;- )
Anyone writing short calls here?
Anyone writing short calls here?
Gave up, stock is looking too strong and I don't want to be any farther OTM. Rolled to 6/30 -c205 to stay NTM.
Well, I'm thrilled to be asking this question, but thoughts on rolling -c210s expiring tomorrow?
I'm thinking stock has to take a breather. But who knows, this could be the early stages of one of TSLA's steamroller moves.
I'm thinking stock has to take a breather. But who knows, this could be the early stages of one of TSLA's steamroller moves.
Rolled -c207.5/+c217.5 to 6/9 +c210/+c220 for .50 credit. Was going to ride it out, best to move when first leg strike is violated.
I got the same position in my roth and decided to roll to -c220 next week for 0.8 credit. Not ideal, but still net credit though.
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