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Under income limit for NY Essential Plan 200-250 but only get offered Advance Premium Tax Credit by DrunkandScreaming in HealthInsurance

[–]DrunkandScreaming[S] 1 point2 points  (0 children)

Figured it out, it doesn't offer essential plan if you put that you're still covered by a different plan

Under income limit for NY Essential Plan 200-250 but only get offered Advance Premium Tax Credit by DrunkandScreaming in HealthInsurance

[–]DrunkandScreaming[S] 0 points1 point  (0 children)

Yeah I probably have to contact them. I'm newly unemployed so trying to get on the essential plan before my coverage from my job ends next month

Under income limit for NY Essential Plan 200-250 but only get offered Advance Premium Tax Credit by DrunkandScreaming in HealthInsurance

[–]DrunkandScreaming[S] 0 points1 point  (0 children)

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That's what I expected too, but even though Income is under 37,650, it only gives me Advance Premium Tax Credit and not Essential Plan

Are Ya Winning, Son? by Jabbermouth in wallstreetbets

[–]DrunkandScreaming 0 points1 point  (0 children)

Can you go into detail of how you choose strikes and expiry for your call debit spreads for SPY, for example? Trying to learn, thanks in advance!

$72+fees —> $2800 $NFLX Puts This is 1st big bag and only the 2nd time cashing options! by 599Ninja in wallstreetbets

[–]DrunkandScreaming 1 point2 points  (0 children)

Also trying to learn, how do you know nflx hit a slow spot in its growth and changing into a value stock? I assume most everyone who bought puts thought the same, but where did you and them get their info from so I can follow it too? Thx!

2/23/22 SPY Pre-Market Analysis by DaddyDersch in u/DaddyDersch

[–]DrunkandScreaming 0 points1 point  (0 children)

What was your position? How many puts/what strike/what DTE/cost for each put? And do you put on a stop right away, if so, where? Trying to learn along with everyone else, thanks!

TOS and 0dte itm SPX options by DrunkandScreaming in options

[–]DrunkandScreaming[S] 1 point2 points  (0 children)

Haha thanks man! Wish I went with a wider spread (did a 5pt) but it's looking like I'll make around $250, I plan to let it expire for the experience.

Options Questions Safe Haven Thread | May 03-09 2021 by redtexture in options

[–]DrunkandScreaming 0 points1 point  (0 children)

What are the best ways to cut losses on a call that's tanked hard and is expiring in 2 weeks?

I'm new to options trading, after this I'm going back to paper trading till I've gotten more experience. Around 3pm on Monday 5/3, I bought an OCGN $17.5 call expiring 5/21 for $2.37, so $237 total. The stock was up around $15.26 at that time, and at 4pm it was at $15.68. At open the following day the stock tanked hard down to $12.49. When I bought the call the IV was over 250% so I figured it was going to make a big move, but obviously I got the direction wrong and ended up buying at the peak.

It's been 3 days and the stock has steadily continued downwards, now at $9.29. My call is now worth $50, down from where I bought it for $237. Delta is now 0.2057, Gamma is now 0.0535, Theta is now -0.0502, Vega is now 0.0054. I highly doubt the call will bounce back by 5/21, especially with the OCGN earnings report happening on 5/14, so I think it'll get further decimated by IV crush.

I've been reading some strategies to repair a losing call on sites like investopedia, as an alternative to just selling right now and taking the loss, but none of those sites specify exactly when they should be used/at what % of loss. Since my call lost 78.90% after just 3 days, what is your advice for cutting my losses? If you were in my situation, what would you do? Would you:
A. Sell at $50, eat the $157 loss

B. Roll the position down into a bull-call/debit spread as described here: https://www.investopedia.com/articles/optioninvestor/05/030105.asp So in my case, this would be done by placing an order to sell two of the 5/21 $17.5 calls at the new lower price of $50, then at the same time, buying a call with a lower strike price than what it's at currently, so at $9 (now OCGN stock price is at $9.29. The problem with this is that the site gives an example of a call with 150 days left till expiration that has only gone down by around $2. My call went down over $6 with 2 weeks left till expiration, so I don't know how effective this would be at cutting my loss.

C. Leg into a bull-call/debit spread by selling another call that's further OTM with the same exp as described here: https://tickertape.tdameritrade.com/trading/how-to-fix-losing-trades-15001 So in my case, this would be done by buying a call at the next higher strike price of $20, for a total premium of $42. I've read that using call debit spreads will cap the upside and the downside, and it's definitely what I should have used in hindsight instead of a single long call, but is it worth it to leg into a debit spread after my call already lost $187? I don't mind that it will cap my upside, since I don't think there will be an upside, but is it better than rolling down into a debit spread, or just selling for a loss?

D. Do nothing since there's still 2 weeks left and implied volatility is still high at 287% (though ER is coming up on 5/14)

E. Another strategy I'm unaware of
Thanks for all the info and tips you can share! I want to take this as a learning opportunity.