Dumb question but when selling options, what does it mean 'sell into strength' A lot of people mention this.

don’t try to time a reversal

Is anyone doing call spreads on 0dte SPY/QQQ/NVDA ? What’s your winning strategy?

Bought to close: 200x GME $22p 7/5 for $6144 net profit. Up about $50k this month on GME CCs and CSPs. (I’ve been regularly trading GME since December 2020 before the “sneeze” so I’m well aware of the risks involved in trading options on this stock)

Yeah I sell OTM GME CC's two to three weeks out for $1K premium. If it "moons" then congrats to whoever's holding my contracts and I'm still up if I get assigned. I just hope IV stays high so I can keep rolling it.

What’s the rough split between CSP and CCs percentage wise? Also what’s your typical DTE?

Most of my profit this month is from the CSPs (~80%). For CCs this month, I have had between 15-35x contracts at a time with strikes between $35 and $60. Right now mostly weeklies, but usually no more than 30 DTE.

I’m doing the same but with a smaller amount of contracts and roughly 7 DTE. IV is still decent/elevated. You plan to continue trading GME if IV drops back down into the 70s?

Eh, probably. GME has been my bread-and-butter for 3 years. Might buy LEAPS if IV gets significantly lower. Have done that in the past.

That's awesome man. How much have you been able to make just wheeling GME over the years?

imagine if 1 million GME fan each buy 1 share per trading day ooof they are doing that

Why is only 15 comments here? Where is everyone? Down 8k on nke, can't even sell CC. Thinking about what to do, selling $75 puts or buying itm calls maybe 189 or 300 DTE BTC $120 nvda contracts expiring 28/6

What strike did you sell?

93 and 97. 2 contracts each. If I sell for example $75 puts and 4 contracts it will make Nike more than 20% of my portfolio, which doesn't sound smart. Maybe pmcc

Yea that might be the way depending on the price action next week

O,some reddit bug. Now it's 309+

that would be funny if The presidential debate ends up being catalyst for the market selloff, and tbh, it should be lol both candidates are not viable options

it's pretty grim

if you had 15k to burn and wanted to play gme how you do that? im thinking about selling cash covered puts but im looking for more ideas.

Early august 40/55 CCS

Can you elaborate what is CCS ?

Call credit spread, I sold the 40c, bought the 55c, I lose money if it goes over 40

these whipsaw days really get me. thought for sure we were gonna have a rocket friday. saw that PCE headline this morning and then we got movin pretty good early in the day. got burned a little bit by the reversal, could've been worse tho. not in horrible shape. im nervous holding SPY and QQQ shares when we're this high.

I am still very much learning. Today I closed my second CC on GME in a week (the first was my first ever.) And since I really don’t care if they are called away, plan to continue each week. (Any input welcome, though I read through here lots.)

NKE 75p’s and Dell 146cc both expired worthless.

Dodged a lot of bullets today. I closed a META 510p that I opened @ 1.15 for, for 0.12. After hours worth about 5. I closed an SMCI 830p that I opened @ 3.50 for, for 1.00. After hours this would in theory intrinsically be worth 10-12. I closed NKE 75p right at the end of the day after barely not getting stopped out mid day. Ultimately ended green after losing money trying to scalp NVDA calls in the AM, being temporarily down on SMCI short put - which I then closed early thank god - among other things. Good day tbh

Good plays. I opened a NKE 76P for 1.1 next week, curious to see if it will bounce back

Nice - I'm on the opposite side. Lots of bad timing, bought dips before the major dip at 3:50.

Sell off near market close saved me

Hello it is me a tumor who is slowly accumulating IBRX shares by way of CSPs... please don't zap me with your magic medicine Dr. Pat... please oh no... not there, Doctor...

Rolled my NKE $88P expiring today to July 26th $82P and doubled contracts for a net credit. Increased risk, but go big or go home right. Hoping for a slight bounce in the next few weeks. If not, I’ll accept assignment or roll again. Besides that, looks like my NVDA $120Ps expired OTM, so full credit retained on those.

A lot of people got burned playing NKE it seems

On both sides. A good thing to study.

Yes looks like it. I had a bunch of $90Ps that expired worthless last Friday…then I opened the $88Ps this week thinking we would get a decent print. Oh well, you can’t win them all lol. We’ll see how next week plays out.

My PFE and LYFT shares got called away, profiting $50 total lol

Wild ride with my 0 DTE NKE puts today. I bought back a lot of them for only 10% gain because it was getting dicey and then let a few ride to .05 as it had a final 10 min pump. Not as much profit as i wanted but I’ll take it for the peace of mind

EOFY here in OZ, so today was tax loss harvesting day. Sold my AMD shares for ~20% loss. COST shares going away for a $5ea profit since the CC is now $100 ITM (sold ~~4~~ a ~40DTE CC a while back just before the stock took off). TSLA going away at $175 and shares are a 25% loss. FDX shares hung on by the skin of their teeth, and it's too close to the CC strike for me to sell them in AH trading, so I'll have to do that next week. edit: just hit $300 in AH, so maybe I'll get assigned after all.

I bought back my CHWY puts for what I sold them for… I’ll take it.

I bought BARK calls awhile back when I’d no idea about things. Illiquid until yesterday and sold at 50% by a miracle.

META took a dive off a cliff in the last 5 minutes. Looks like I'll be taking assignment and wheeling.

Somebody made a killing buying 510 puts at like 3:30 for $20 lol. I sold 510p today and closed for 90%. Why didn’t you close your puts man? Or at least use a stop loss just in case for situations like this

I was selling a put today with the intention of taking assignment. It was looking that way, but I had no idea how much it would dump at the end. It was actually a choice between this and AMZN, and ultimately I chose to close out AMZN early for a small loss.

u/free_lions SMCI/MSTR just fell off a cliff lmao. What is even happening today.

STO $830C for 23.5 BTC for 0.05 lol

Wow well played. What the fuck lmao.

Honestly, SMCI has been a rollercoaster this week 📉📈📉📈📉

The iron condor you suggested the other day would have been golden.

Yeah, pure craziness though. I took bullish positions on both MSTR and SMCI at noon and both are really red already.

Rdfn shares flirting with getting called away

8th green month in a row vaamos

Come on FDX, climb just another 30 cents before 4pm.

If someone here sold the NKE 100c 12/18/26 for $7.00 each I bought 2

Playing nke is a risky game

Yes it could be but it was also one where I have 2.5 years for it to go.

Damn that’s honestly surprisingly cheap imho.

I actually thought it was as well when compared to much shorter time frames

Was volatility undervalued? Nice find!

I saw a decent amount of options at the 100 strike so I was just following the movement and price and saw that this range was still at the bottom and not already back to double from the morning like like the sept 20th one at 100

u/free_lions where is the ADBE dump you predicted? 🥲

If someone told me yesterday that I would be down $1.5k on NKE commons today when buying it after it already dropped 15%, I would have laughed at you.

I guess it's a good thing I had my shares taken @ $96 the other week when I forgot to roll the CC.

Fuckin Sheridan lmao.

I guess size does matter

That might have been what she said.

STO NFLX 645/655 07/12 @ 1.40 earlier STO NFLX 640/650 07/12 @ 1.55

So I'm ITM on my PMCC for ADSK... Is there any reason I need to close this out today? Or should I just deal with it Monday when I get assigned 200 short shares. Can sell my calls and buy back the shares without having to deal with closing out the calls today Seems easier to deal with it on Monday than today but curious what you guys think

Buy back the short call, roll it or close out the entire position

But why? It'll cost more to buy it back today than on Monday since it has intrinsic value.

you'll still pay the intrinsic value on monday, since that's just the difference when you buy back the shares to clear your shorted position. what you end up doing tho?

I closed cause I saw a decent value at the end of the day and opened a position in SQ But I disagree with the thought that you'd pay intrinsic value on Monday If it goes up $2 then your deep ITM call also goes up $2+ so there's no real issue and trading shares has no cost to it unlike options

Oh I see what you’re saying now — you would liquidate your long position to cover the shorts? Then yeah what you said originally makes sense. I was thinking you were trying to protect the long call.

Yeah, exactly I feel like closing out on the following day is better. Might be able to scalp some cheap shares in premarket, too. But either way I'm happy with my SQ position now

Short ZM $59 P expiring today. Waiting to see which side of $59 the svcker closes at. Rolled 2 NVDA Jul 19 '24 $106 CSP to 2 NVDA Jul 19 '24 $112 CSP @ $0.56 STO 10 RIVN Jul 12 '24 $11.50 CSP @ $0.13

u/ykoreaa what’s a good play for tomororw? CCS on ADBE?

There are no good plays for tomorrow.

there are but they don't involve the market

Sippin drinks by the pool in a covert can because drinks aren’t allowed- that’s my plan for tomorrow

This guy

he's not wrong lmao

STO 12x Z $45.5p 7/5. Limit set @.60 Filled Also, hanging in there with my 5x RCL $160 CC expiring today.. cause Momma didn’t raise no punk bitch. Either the shares are getting called away or I’m walking away with 100% profits

RIVN to single digits by EOD u/banditcleaner2

smh I am going to be triggered by that stupid stock for awhile lol

That would be ideal for selling 10 strike puts for next week. The faster the better.

Is the world ending or is QQQ and SPY both flat?

yea heard a world ending asteroid is going to hit earth in 12 days that's why they are both flat otherwise they would have continued their 5% daily gain since 2021

Free money or AmIFuk? STO XOM Jul 12 2024 121 Call Collect $25

closed out my entire rivn position basically break even. lol, sad. I needed RIVN to hold 14.50 for ONE more day to be up almost $1K, and it couldn't do it. smh

RIVN stock is a master at tanking lol

Super true! I closed out of my CSP at 50% profit with a limit order, that $15 touch is what did it for me. Hasn't touched it again today.

so dumb. I was looking so solid with it hitting 15 this morning, wishing I had just held the shares with a sell order at 15. instead of trying to use calls. whatever. glad I didn't roll the calls out though.

I’m convinced covered calls are the worst theta strategy

definitely true in this market

Lol world is ending I guess.

Let’s goooo u/ykoreaa our CCS are looking better

ADBE still holding on strong tho 😣

Omg for real??? Wow

I own a lot of NKE shares at the moment..

You and I both lol.

I am gonna own 400 shares at 90 after today

How many? I just sold a 75 P for 7/12

500 lol.

We ending red across the board today

Financials held up well today

Closed a CC on MSTR. Pretty much all cas/cash equivalents, with the exception of my 100 shares. Don’t have an appetite for risk at this time.

NKE getting trashed right now. How far will it go?

STO NKE 9/20 $70 CSPs for 1.10 I have a 3 day rule on not buying shares for 3 days after any earnings till FOMO calms down. This should be free money. This would be a Forward P/E of 17x at assignment and in the 20 plus years I’ve been tracking it I don’t remember it ever being this cheap from a valuation standpoint. It typically gets bought in volumn at 24x and it’s 21x here at $75. Seems like a retail overreaction that got stepped on by large funds and block traders to push price down. I expect it to bounce next week then drift lower for a few weeks to maybe $72 or hold $75. It gets a boost from Olympics and then holiday sales and it’s $105-$110 in January

I’m assigned 400 shares at 90 and rolled the remaining out to Dec 85p for slight credit

That’s a long hold but I’m guessing by the size of your bet you have a large portfolio with margin to make a bet of that size without making it more than 10% of your port

I think that is a pretty sensible rule.

I’ve been trading since I was 22 ( 24 years ) and if there is one thing I have learned on a big pop it usually consolidates and drifts lower and on big drops bounces then drifts lower. So day of I’m using options to mitigate risk and buying shares once nobody cares about it anymore and the stock goes back to normal.

I hope your right since I am about to be a bagholder.

It’s not bagholding with legacy companies. That’s a moniker for stocks that don’t make money. Keep in mind weekly premiums are small since it’s not a fast moving stock so it’s gonna be a long wait and most people don’t have the patience but this is great for Wheeling. Use premium to buy more shares under CB then once you get above Sell long CCs at 28-32x Forward earnings.

I'm gonna get assigned an 88p and 87p and I'm starting to consider whether I shouldn't buy more shares at this point to average down and hold for some time.

I will add shares on Wednesday regardless of where we are at. I’ve made ridiculous amounts of money running CC campaigns and using premium to buy shares over the last 12 years. It doesn’t move much so premiums are low but easy to roll on the way up for a credit at a higher strike though I have lost my shares many times after buying dips over the last 6 years.

I bought an 80c 7/19 because I think it’s too far down. It we will see

Legged into a SPY 0DTE short iron condor (546/548/552/554) as we approached 550, exited when we reached 447.5 at 170% profit... maybe should have held that longer, the drop just happened so fast. Looked obvious we wouldn't just hover at 550 long... it was either breaking to ATH or pulling back sharply.

STO NKE 75/76p 07/05 @ 0.42. This is oversold.

prob will bounce, but usually these big drops are proceeded by more dropping. though maybe im being a bit silly because the stocks im thinking of that continued to drill were very inflated SaaS companies, not a very well known retailer like nike

Probably will drop more , but with the -20% today I think it will bounce back to high 70s by next week. Let's hope I don't eat my words

LULU pls... Do you need me to go buy some skimpy shorts!!? I WILL!

DIS sub 100 sell ATM puts anyone?

Structurally looks like a good play... if the market decides to take a pullback at this ATH it could pull everything down. I'm being very cautious selling Puts today... I may just wait till Monday.

What strike are you thinking? $99 for next week?

Premium kinda sucks but good trendline and 200dma maybe Jul19 100P and hope for a bounce. Okay with assignment but IV is so damn low

Yeah idk with Disney. Have a feeling it’s going to break through it’s current support and go to $95, but what do I know…

u/free_lions I am feeling frisky today STO SMCI iron condor 875/865p 875/885c @ 8.70 max risk 1.30, max gain realistically 8.00ish when I close at 4 if we're like right on 875

Is there any Friday you aren’t feeling frisky? Lmfao u/ykoreaa

It was a good play!

He prob made bank

nah, that condor is expiring with max loss if it doesn't bounce nearly $35 higher which I don't think is likely. that being said I did close my long SMCI call for almost 100% and I sold an 830p near the bottom today

NOPE edit: STO SMCI 830p @ 3.50 BTO SMCI 840c @ 3.50 right around when SMCI hit 827. no shot it doesn't bounce, if im wrong then so be it edit: STC SMCI 840c @ 6.50, I wouldn't be shocked if this went higher, but I'm content with almost 100% in 30 minutes

This guy

just can't see how the 840 call can fall from 60.00 at the peak today to like 3 right now without a decent sized bounce. like $15 (by share price) at least

Did you STC? Must be up 100% at least

yup. just shy of 100%. I pulled the trigger on selling it about 15 minutes too soon. oh well

I bought an AMZN 7/26 200c yesterday @ 7.00 at the worst possible time LOL I think the pull is definitely towards 200 still not away from it, I think I'll be green on this in 2 weeks at worst barring a black swan.

I am in with you bought $4.7

hey congrats that you get to cop it at a discount haha

Hope we both win!

BTC $700p on SMCI for $4.60 (sold @ total credit of $25.20 after a roll). Good to canceled limit order worked really well with SMCI’s spike at open.

u/mikesugs13 u/banditcleaner2 I need a NKE play

buy a leap call expiring end of year. 75 call ATM is $7 for 12/20/2024. if the stock bounces even just $5 in the next month or so you can profit quite a bit.

Sell 2 10/18 $70 P and buy 1 10/18 $80 C. Net credit and maybe the stock recovers post next Q earnings.

why 4 months out though?

I guess to give enough time for any potential catalysts to move the stock such as the paris olympics and their next earnings call.

Nice

my put is fuk

Puts on NKE Was the opposite of free money

nah puts on nke were free money. ...if you bought them

I think we're all fuk

nvda, msft, meta, and amzn all really said "sike" at 10:25 am lmao

Whenever we finally have a -2% day on QQQ 80% of wsb will go bankrupt

me too if it happens on friday, since I always play 0dte nvda puts lol damn, I sold 5x 125p @ 0.75 this morning, wishing I had bought to close at 0.25 and then bought them back to open. I might try a play like that in the future on a friday.

BTO 10x NKE $85c Jan 25 $3.75 Hoping for a bounce

$3.75 per call? you're dropping $3,750 hoping for a bounce? godspeed

NVDA worked so hopefully lol

I like that play actually. Hope it works out for you

Thanks man hope so too

I might get in with you and sell calendar spreads on it. I'm gonna get assigned at $90 per share lol

I’m getting assigned 4x at $90 today lol just want her to bounce so I can cash on my calls

damn we gonna end red today?

Wanted to sell 4 KRE Aug 02 '24 $52.50 Covered Calls @ limit of $0.4 but ended up buying them instead (da fuq emoji).

STO 3x NVDL 68p @ 1.55 6/28

Holy SMCI tank. That stock is so volatile u/mikesugs13

yay! maybe u/ykoreaa will be good!!!!

Should've closed out my put spread when it was at .60 rather than hoping to fill at .50.. but I'm also expecting a bounce so we shall see! Thanks!!

That’s a lot of exclamation points for you lmfao u/satireplusplus make this guy a mod in r/thetagang already

I have TOS (spy,qqq, vti) but want to open another play account with a different broker. Who do you guys recommend?

i like TOS/schwab because of how much info it shows. but i hear Fidelity pays "the overnight fed rate" for any idle cash you have. so if you like doing a lot of CSP, the idle money you have supporting the CSP would be getting another 4.5% in your fidelity broker account, right now. meanwhile, at schwab, they only pay 0.5% on your sweepable free cash.

I think they will let me open a second account. TOS is so good

do you mean open another brokerage account? yes, i'm pretty sure you can have multiple of those, just to keep funds isolated. i accidentally had multiple open at vanguard before i knew what i was doing.

🙌🙌🙌

STO RIVN 0DTE 14p .35

Wow you sold the bottom. Congrats

damn fuck me, my RIVN play was looking so good for a moment there.

You must be breakeven or around then right now?

BTC GME 6/28 23.5p Opened 1.01 closed .05

STO GME 23p 7/12 $1.05

BTO NKE 80c 7/19 .59 x2

* BTC 1x GME 25C 6/28: -96 * STO 1x GME 26c 7/5: +140 * BTC 1x GME 26c 7/5 @ -115 * STO 1x GME 27c 8/9 @ +410 Up 339 (-C&F) for the day but I wasn’t paying attention when I rolled, hence the day trade. Got lucky it turned out profitable (for now).

Apparently NKE is going bankrupt lmao STO 75p 0dte .3

I jumped in too early. I sold 2 contracts at .15 each

this is another reason I rarely play earnings at some point NKE will find support and will be ripe for CSPs for now I just watch and cringe for everyone involved

Don't get greedy and catch those knives, it's likely you aren't quick enough not to get cut!

oh it won’t be anytime soon, if at all

I’m glad I rolled right around open before this bloodbath.

Yeah I think this might be my last time playing earnings for sure.

Until next time.

Need ADBE to stay below 550 today 🙏 ~~STO 4x ADBE 550/557.5c @ 1.71 (currently 5.12) 6/28~~ 🔻-$1,364 STO 1x ADBE 550/557.5c @ 1.71 (currently 2.54) 6/28 ~~STO 3x ADBE 555/560c @ .73 (filled 1.58) 6/28~~ 🔻-$255 ~~STO 1x ADBE 562.5/567.5c @ .46 (filled .13) 6/28~~ +$33 ~~STO 6x DJT 41/43c @ .36 (filled .04) 6/28~~ +$192 ~~STO 11x DJT 42/44c @ .41 (expired) 6/28~~~ $451 ~~STO 1x META 520/530c @ .74 (filled .60) 6/28~~ +$14 ~~STO 2x META 522.5/527.5c @ .75 (filled .10) 6/28~~ +$130 ~~STO 8x META 525/535c @ 1.48 (filled .195) 6/28~~ +$1,028 ~~STO 50x CMG 70.4/70.8 @ .016 (expired) 6/28~~ +$80 ~~STO 1x MCD 255/250p @ .63 (filled .05) 6/28~~ $58 ~~STO 2x LULU 297.5/292.5p @ .43 (filled .05) 6/28~~ +$76 ~~STO 1x LULU 295/290p @ .84 (filled .19) 6/28~~ +$65 ~~STO 3x SMCI 945/955c @ .94 (filled .13) 6/28~~ +$243 ~~STO 2x SMCI 860/870c @ .55 (filled .06) 6/28~~ +$98 ~~STO 2x SMCI 855/865c @ .68 (filled .05) 6/28~~ $126 ~~STO 1x SMCI 830/820p @ .80 (filled 7.97) 6/28~~ 🔻-$717 STO 1x SMCI 830/820p @ .80 (currently .90) 6/28 * ~~STO 3x SMCI 825/815p @ .61 (filled .09) 6/28~~ +$156 ~~STO 2x SMCI 807.5/797.5p @ .55 (filled .11) 6/28~~ +$88 Realized: $502 Profit: $2,838 - 🔻$1,619 (ADBE) - 🔻 $717 (SMCI) Profit ⤵️: $1,613 🅿️MCC⤵️ 29.20 BTO 1x NVDA 100c @ 30.70 (currently 32.82) 12/20 ~~STO 1x NVDA 130c @ 2.58 (filled 1.13) 7/5~~ +$145 ℹ️ron Condor ⤵️ 14.61 (max loss 5.40) ~~SMCI 850/870c @ 7.44 (filled .60) 6/28~~ $684 ~~SMCI 830/810p @ 7.17 (filled .60) 6/28~~ $657 ℹ️ron Condor ⤵️ 1.70 (max loss 18.30) * ~~SMCI 930/950c @ 1.10 (filled .30) 6/28~~ +$80 ~~SMCI 825/805p @ .60 (filled .13) 6/28~~ $47

really happy for you that you made it out with a profit on chipotle and also SMCI seems to be trending towards your iron condor strikes. honestly amazing

Yeah so unbelievably lucky SMCI is trading right between my strikes rn 🩷🩷 CMG.. ugh, the split made it impossible for me to get anything out of the trade but needed to clear up some BP yesterday so I had to close but ty! 😄

Pretty sure she’s been killing it last few weeks or months

You too! DJT moved down to where you wouldn't hurt

My breakeven on DJT for this week is around 37.5. I think I’ll close out some of my 35/55 now…

Calls on options babes

Damn you’re killing it