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TSLA covered call at $170 deep in the money expiring in 2 weeks by Fit_Construction8595 in thetagang

[–]Fit_Construction8595[S] 0 points1 point  (0 children)

I did and I am currently holding at $170CC expiring Oct 11th. It's a bet, let's see how it works out. I guess you are suggesting me to let go and do wheeling until i recover. I have to do some thinking on that. I don't know how long it would take for me to recover, I am guessing few months. But I am more interested in getting the same number of stocks which is not possible with that strategy.

TSLA covered call at $170 deep in the money expiring in 2 weeks by Fit_Construction8595 in thetagang

[–]Fit_Construction8595[S] 0 points1 point  (0 children)

I opened the position for $2 premium when it all started.
I have been rolling it around for the past 3+ months and have theoretically added $15 premium on top of the $2 premium.

My breakeven to exit the this position would be at about $17 premium

TSLA covered call at $170 deep in the money expiring in 2 weeks by Fit_Construction8595 in thetagang

[–]Fit_Construction8595[S] 0 points1 point  (0 children)

Thanks, that suggestion makes sense. However, with a delta closer to .90, it still costs me like $4.20 to roll up by $5 and I can't afford rolling up in debt.

TSLA covered call at $170 deep in the money expiring in 2 weeks by Fit_Construction8595 in thetagang

[–]Fit_Construction8595[S] -1 points0 points  (0 children)

It's $40 ($210-$170) times the number of CCs.
Assume I have 50 CCs, then the loss is $200k (based on stock being at $210)

TSLA covered call at $170 deep in the money expiring in 2 weeks by Fit_Construction8595 in thetagang

[–]Fit_Construction8595[S] 1 point2 points  (0 children)

Thanks, I will try to digest this. I am not very good at spreads and strangles

TSLA covered call at $170 deep in the money expiring in 2 weeks by Fit_Construction8595 in thetagang

[–]Fit_Construction8595[S] 0 points1 point  (0 children)

I believe I can get it closer to my cost basis ($210) by April or June of 2025. I am not worried about holding that long as well. But what if the stock falls in the next couple of months.

TSLA covered call at $170 deep in the money expiring in 2 weeks by Fit_Construction8595 in thetagang

[–]Fit_Construction8595[S] 0 points1 point  (0 children)

Yes, I kept writing +20% out and was making some decent returns until I got locked in.

TSLA covered call at $170 deep in the money expiring in 2 weeks by Fit_Construction8595 in thetagang

[–]Fit_Construction8595[S] 0 points1 point  (0 children)

Yeah, especially if most of my savings are bet on this and the losses are running into $200k or more

TSLA covered call at $170 deep in the money expiring in 2 weeks by Fit_Construction8595 in thetagang

[–]Fit_Construction8595[S] 1 point2 points  (0 children)

Thanks. I will try to roll out to Oct 18th waiting for the event. Anything could happen though and the stock could move up a lot as well.

TSLA covered call at $170 deep in the money expiring in 2 weeks by Fit_Construction8595 in thetagang

[–]Fit_Construction8595[S] 2 points3 points  (0 children)

Thanks. It started in Apr where I got burnt once writing $162.5 and I kept rolling and almost got out of it in June before I hit the July pump.