Wiki Selling TSLA Options - Be the House

[vikings123]

Volume today is not bad at all. Given the tight range today I expect a move(to the upside most likely) later today. I’m waiting for a pop before I sell any covered calls for this week. I don’t know why but I just cannot pull the trigger on sh*t calls lol.

 

[Tslynk67]

Just returned from a restorative week at the beach feeling aggressive, so laddered sto cc for 082721 today in 3 equal tranches. Expect to have to roll some, but 0903 premiums offer so little more and will improve if I need to roll:

• C710 @ $9.44
• C725 @ $3.95
• C740 @ $1.52

Steady on, Jim, this ain't WSB you know!

 

[AquaY]

Late yesterday I STO C 725/795 for 8/27 $4.46 credit.
I like wider spreads that cost me less for the long leg.
I have plenty of margin buffer so don't need to worry too much about that.
Tried to sell more this morning but my order didn't fill and it moved against me.

 

[UltradoomY]

Late yesterday I STO C 725/795 for 8/27 $4.46 credit.
I like wider spreads that cost me less for the long leg.
I have plenty of margin buffer so don't need to worry too much about that.
Tried to sell more this morning but my order didn't fill and it moved against me.

I'm close to you - this week I closed out my BPS yesterday for 85% $650/$600 and STO $725/$775 BCS for $5.25 each.

 

[buttershrimp]

@adiggs and @UltradoomY thanks for the wingman trade tracker tip…. Pretty sweet indeed

 

[Discoducky]

So tomorrow, if a dip, sell some puts. If a spike sell some calls. Both weeklies. I'm looking for 740 cuz I'm a wuss and 680.

Big dip and I'll buy some LEAPs. Not advice.

Max pain may fall, but call walls should hold, unless 9.3 is amazing or somehow Aug production numbers get out.

 

[buttershrimp]

So tomorrow, if a dip, sell some puts. If a spike sell some calls. Both weeklies. I'm looking for 740 cuz I'm a wuss and 680.

Big dip and I'll buy some LEAPs. Not advice.

Max pain may fall, but call walls should hold, unless 9.3 is amazing or somehow Aug production numbers get out.

“If it’s written in the forum, it’s legally binding your honor… if the stock doesn’t dip, the leaps don’t fit”.
Objection!
overruled, sit down Buttershrimp and your pants back on….

 

[Criscmt]

I just made a trade blunder that turned out to be a potential strategy that I think could work out well. I have a call spread of $50 on SHOP. It has a big move today and I wanted to sell another call spread. However, I selected the SP of the short leg the same price as my long leg from the existing spread. It sold my long leg and bought another long leg at a higher SP for net credit. So my original spread was $50 and now I'm in a $100 spread instead. Since the long leg is closer to the current share price, it moved much more than the new long leg that's further away. I captured that big gain and bought something for cheaper. In the end, margin use is the same as if I had opened a spread. So potentially start with a smaller spread, then adjust down the road to capture any movement up? This is all assuming that you were willing to be at the max loss of the bigger spread to start with.

Thought putting it through some numbers might make it easier for some folks. Picked some plausible numbers.
Original call spread sold/STO: -1400 : +1450
New call spread sold/STO: -1450 : +1500

The SP move was more beneficial to the latest long leg, 1500, as SP went past that strike.

 

[Criscmt]

Seems like all MM volume this morning. I'm feeling like call wall holds to end the week, but looking to next week and am STOing calls with spikes expiry 9.3 @ $730/740.

Got 10x with the last spike. Looking for 20x more but being patient.

Do you mind explaining what you mean by got 10x, 20x, did you receive 10 times, 20 times to the premium before the spike?

 

[Tslynk67]

Do you mind explaining what you mean by got 10x, 20x, did you receive 10 times, 20 times to the premium before the spike?

I'm pretty sure it's referring to number of contracts...

 

[AquaY]

@adiggs and @UltradoomY thanks for the wingman trade tracker tip…. Pretty sweet indeed

@buttershrimp @adiggs and @UltradoomY what is it about wingman you find very useful?

I have Etrade and their platform Etrade pro lets me sort gains and loses by type, by symbol, by date, open days, closing type, by date range, but not by what the trade specifics were. It's great for quarterly taxes and overall P&L
I do a spread sheet to track my options trades for specifics: IV, Delta, and types of trades , CC, PBS, IC Rolls etc
I want to see what has worked best ( and worst) over time.
Does wingman do things like that?
Has it specific options functionality?

 

[UltradoomY]

@buttershrimp @adiggs and @UltradoomY what is it about wingman you find very useful?

I have Etrade and their platform Etrade pro lets me sort gains and loses by type, by symbol, by date, open days, closing type, by date range, but not by what the trade specifics were. It's great for quarterly taxes and overall P&L
I do a spread sheet to track my options trades for specifics: IV, Delta, and types of trades , CC, PBS, IC Rolls etc
I want to see what has worked best ( and worst) over time.
Does wingman do things like that?
Has it specific options functionality?

Yes - I have Schwab and they also have the same functions in their web interface.
However, where wingman excels (pun intended) is the ability to track spreads and rolls.
I was doing this with excel and booking it all by hand, with wingman, you just import daily or weekly and classify the trades.
Keeps a rolling contract set, so that you can keep that number in your P&L with a lot less manual work.
Just makes life easier.
There is a free trial, and I get all of Nada if you try it, but it works wells for me.

 

[AquaY]

Yes - I have Schwab and they also have the same functions in their web interface.
However, where wingman excels (pun intended) is the ability to track spreads and rolls.
I was doing this with excel and booking it all by hand, with wingman, you just import daily or weekly and classify the trades.
Keeps a rolling contract set, so that you can keep that number in your P&L with a lot less manual work.
Just makes life easier.
There is a free trial, and I get all of Nada if you try it, but it works wells for me.

Thanks
I saw it had a free trial but thought I'd ask what people liked.
Guess I will try the trial and make my verdict ( Terrible pun intended)

 

[AxlxA]

$690 max pain

 

[FS_FRA]

$690 max pain

Still feeling good about my cc735 for 8/27

 

[Discoducky]

I watch premarket nearly every morning. These candles look very green for the overall to be red. Seems like MMs trying to hold it down. Pop at open? We'll see

 

[jeewee3000]

As a seller of 700cc, 720cc and 750cc, I'm watching the SP like a hawk this week.

I've noticed the Golden Cross should happen this Friday. Should I be worried about this? Will this have sudden impact or can the MM's hold off the buying interest 'till Monday?

Also, the rising max pain isn't helping. At this rate it could rise to $710 easily.

Should I chicken out and BTO my 700ccs whenever I can on a profit (I'm expecting MMD today, will provide an opportunity most likely). Or embrace the theta decay as an options seller and stick it out 'till Friday?

Thanks for your opinions-not-advice.

 

[CHGolferJim]

I watch premarket nearly every morning. These candles look very green for the overall to be red. Seems like MMs trying to hold it down. Pop at open? We'll see

View attachment 701125

What info do you gain from watching the pre-market, and do you think it’s in a tight band through arbitrage to Frankfurt/other Europe? I don’t see much of a pattern between US pre-market and regular market trading, in limited observations.

 

[jeewee3000]

What info do you gain from watching the pre-market, and do you think it’s in a tight band through arbitrage to Frankfurt/other Europe? I don’t see much of a pattern between US pre-market and regular market trading, in limited observations.

What I take away from pre-market is mostly the volume. Huge volume pre-market indicates higher possibility of large moves during regular trading hours. On low volume the pre-market trading direction is just noise to me.

 

[Discoducky]

What info do you gain from watching the pre-market, and do you think it’s in a tight band through arbitrage to Frankfurt/other Europe? I don’t see much of a pattern between US pre-market and regular market trading, in limited observations.

Yeah, volume is one, but @Artful Dodger is all over that and I look to them mostly. I'm looking at candles to see if there's a fight happening to either keep it up or hold it down. These huge wicks, the lines sticking out of the rectangle are indicating there's more activity during the amount of time the candle represents. I look at 1 minute candles for premarket.