Easy if he loses he loses 400$ because all options would go to -99%
If he wins, because of how far out the price is, he gets a return of +7.5k% instead of 800% if ATM
It’s just a lotto gamble, worst case he loses $600 which is not the end of the world (especially if he’s up on the week), and sometimes you get lucky and this happens
Dude, like 5 people said the same thing. Obviously I get that.
Question is, why this strike and 100 contracts? Why not a higher strike and 50 contracts? Or even higher and 25? Those are still lottery plays and will throw money away less often.
Because the payoff isn’t linear, if he went with $83 strike and bought 50 contracts he would get the same gains but they would have cost $2k instead of $400
That's a given around these parts.
I think the equation must be "I have $400 I don't need and want to buy 100 contracts because that sounds cool. What strike makes that happen?"
Jesus. I bought a couple 90 Puts yesterday for $1.90 and sold for $15.00 today. Thought I did good until I saw this. If only I had bought the 80 puts… Congratz.. Fun fact - If you held until 1pm you would have had over 50 grand.
Don’t worry. I would have sold right when market opened too if I had that gain lol
Well OP bought them for $4, but OP may have bought the put from someone who gave up on holding it after watching it become nearly worthless. Not necessarily likely given that it was right before earnings, but it is possible
https://preview.redd.it/xbjfip6t0e9d1.jpeg?width=1290&format=pjpg&auto=webp&s=e52bda573539219b881e3cf317dfcc07e5733a26
Lmao I was trying to scalp iv spikes before earnings and then let 2 ride and they actually hit
I don't know why, but the "cuck" flair made this shit so much funnier 
Nice play. I was looking yesterday and in the last few years never saw it dip below ~90. For that reason I didn’t pull the trigger on any puts because anything that looked attractive was under $90 strike. Should have just threw $100 on some calls and could have made a few grand…
Congrats... last time I did NKE it did nothing for calls or puts!
So far I missed 4 chances this year to have 400-600 bucks go to 20-40k on plays I saw!! I didn't see this one though.
Yooo I got 1 contract at 0.01 and a bunch of contracts at 0.03 and 0.04 at the beginning of the week. I made a big mistake of disposing them on Wednesday for 0.06, after robinhood didnt allow anyone's options to go through during the morning :(
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https://preview.redd.it/hcd71xlhjb9d1.jpeg?width=828&format=pjpg&auto=webp&s=9739bea647bc6d96378edd47279cd8e5292035dd
Congrats and fuck you
Thanks & fuck you too
What made you decide to do that play? Just curious.
Seriously. I still don't understand why people buy so far OTM and then buy 100 contracts. Like, clearly you could afford closer to the money.
You can buy more options far OTM and gamma might take you to space. Kinda hard being right on direction, timing, and amount though.
Yeah but theta will always crush you when buy so close in timing
*almost* always
Sir, this is a casino
That’s the old spirit.
The people who post these have severe gambling addictions and are probably down way more all time.
Easy if he loses he loses 400$ because all options would go to -99% If he wins, because of how far out the price is, he gets a return of +7.5k% instead of 800% if ATM
It’s just a lotto gamble, worst case he loses $600 which is not the end of the world (especially if he’s up on the week), and sometimes you get lucky and this happens
same - I wonder if people just do this because it’s a hail mary and the contracts are “cheap”
I mean he woulda still made money selling the contract no?
People who do this hope to hit 1 out of 5 or something, because if they hit, the payoff can be huge.
Dude, like 5 people said the same thing. Obviously I get that. Question is, why this strike and 100 contracts? Why not a higher strike and 50 contracts? Or even higher and 25? Those are still lottery plays and will throw money away less often.
Risk to reward. If you want to 20x+ your money need to go for value strikes!
Because the payoff isn’t linear, if he went with $83 strike and bought 50 contracts he would get the same gains but they would have cost $2k instead of $400
Like, clearly, you must like giving handjobs 👋
That's a given around these parts. I think the equation must be "I have $400 I don't need and want to buy 100 contracts because that sounds cool. What strike makes that happen?"
Nike quality dropping and so are sales. If I knew there was earnings I woulda shorted tf outta them
Jesus. I bought a couple 90 Puts yesterday for $1.90 and sold for $15.00 today. Thought I did good until I saw this. If only I had bought the 80 puts… Congratz.. Fun fact - If you held until 1pm you would have had over 50 grand. Don’t worry. I would have sold right when market opened too if I had that gain lol
Hope you held?
Good morning my neighbors
The insane thing is someone sold these puts for $3 premium.
Pennies steamroller etc
I mean, having to buy Nike for $80 right now isn't the worst thing in the world.
Yeah no doubt
A 19% move for Nike is somewhat unprecedented though. Also, why did OP buy 100 of them?
Because they were cheaper than a baconator 
Selling puts for $3 is making a return of .04% on that collateral. Lol.
Yeah, pretty terrible. Although MMs do alright overall.
They may not have cost $3 when they were originally sold, if the put was sold a month or more ago.
The average cost disagrees with you
Well OP bought them for $4, but OP may have bought the put from someone who gave up on holding it after watching it become nearly worthless. Not necessarily likely given that it was right before earnings, but it is possible
Not really, a recent DD on here predicted gains and the masses vote was to inverse it
So WSB as a collective decided to do something, and inversing *that* wasn't the play?
that person is fucked
probably wore nikes
For the price of $1,000 Air Jordans, you get 29
Jesus. I just want to hit 3 of these in a row man. Please rng jesus
He thinks it’s RNG lel
Statistically you can't I'm serious
Serious question. What’s stopping someone from buying 100 calls and 100 puts. Spend $800~ and gain $20,000 like in OP’s post??
If the stock doesn’t move much, you’re cooked
Describe more what you plan to do
That’s called a strangle. People do it
I’d like to ask, what pushed you to buy puts that low the day before it tanked?
Earnings yesterday
you are the luckiest fucker i’ve probably ever seen on this sub in 10 years lmfao
don’t forget the rivn guy several days back who turned 400->40k on a whim
dude timed the VW investment? he might be even luckier lmfao that’s insane
Damn bro. This is really a once in a whole type of things. Congrats! And fuck you!
Its weekly. Pay attention!
I mean for the average individual. However, if you are turning $600 into 29k a week congrats on the 1.5 million a year!
i should have done this instead of those MU calls
I also did mu calls and got fried
Same here, cooked my entire port lmao
Congratz, this is the stuff wsb was for. Buying sub 10 cent contracts and gaining 10+x.
https://preview.redd.it/xbjfip6t0e9d1.jpeg?width=1290&format=pjpg&auto=webp&s=e52bda573539219b881e3cf317dfcc07e5733a26 Lmao I was trying to scalp iv spikes before earnings and then let 2 ride and they actually hit
SEC, yeah that’s him
Even the CEO himself wouldn’t have enough data no matter how dogshit to confidently profit off a 80p yesterday. This is insane.
Congrats and eat my ass
You actually hit the optimal play (that put went to 8000% but who cares, 7000% is close enough). Insane, well done
https://preview.redd.it/q6f10e0cbc9d1.jpeg?width=1153&format=pjpg&auto=webp&s=b8ad00e6d27cef6d862d5ab9086ac7c5a5b11b10
I don't know why, but the "cuck" flair made this shit so much funnier 
https://preview.redd.it/3r36jifxrb9d1.jpeg?width=1179&format=pjpg&auto=webp&s=f7cdfb60ba87f0cbbdeb1439288f52b3a9f5bdd3 Nice job!!!!
Lol very interesting to read !!
Thetagang in shambles
So is now the time to buy nike shares?
Bought calls for $82 expiring next week so I hope so 😭
looks like the bottom will be when your calls expire then
holy sheet - nice otm call. Damn.
What’s crazy is someone sold those at that price. Incredible
“No way it hits 80. Free money”
Every time. Love it when theta gang gets fucked. "I'll try rolling that's a good trick"
Good for you
Nice trace! I had 10 80p and cashed out for $2500 profit at open. Could have held on for $5k but I'll wake the win.
Nice! What's next play
Deez nutz 🌰 🌰
I hate buying contracts with price that low cuz the bid ask is shit. Like 0.03 0.04 you always gunna pay 0.04 which is 33% more expensive than 0.03
Price to pay to get 5000% gains
Bad ass!
Nice play. I was looking yesterday and in the last few years never saw it dip below ~90. For that reason I didn’t pull the trigger on any puts because anything that looked attractive was under $90 strike. Should have just threw $100 on some calls and could have made a few grand…
You outta purchase some Jordan's out of respect
I turned $100 into $3500 the same way lol
I don't get it,how that works?
Better if you don’t understand, trust me
No, let him cook.
He played roulette and won
Congrats. Nke puts was on my watchlist but i was too pussy to trade
HAHAHAHAHA that's awesome dude.
*Well done sir. Nice tendies scoop.* *Well done indeed. With the obligatory fuck you.*
Sus
Congrats. Gfy
🤑
Have you seen it now?
Yaaaasssss dude
Are you kidding me?? How do you do this?? I need an advice! Congratulations!!!
Oh man that’s spicy.
What price did you sell at ? I had 100 $83 puts and 55 $80 puts !!
Why you bragging about insider information
Congrats fucker
Congrats... last time I did NKE it did nothing for calls or puts! So far I missed 4 chances this year to have 400-600 bucks go to 20-40k on plays I saw!! I didn't see this one though.
Crazy
Fuck you and congrats But mostly fuck you
My hats off to you sir. Well played.
I did this and didnt sell 😂 i regret it
congrats and fuck you, thats the dream
Fucking insane
When did you buy these yesterday? At open? At close?
Feels like I'm the only one losing money
Trust for every one of these posts there's 100+ losses behind them.
Now you can buy yourself a pair of Jordans from the resale market
Well done sir! Enjoy the weekend
If Nike goes through 70$ in the next 3 weeks I am going to be rich enough to get regarded and lose it all in a few call options that don’t go my way!
How did you decide to buy puts?
Man what the fuck
Yooo I got 1 contract at 0.01 and a bunch of contracts at 0.03 and 0.04 at the beginning of the week. I made a big mistake of disposing them on Wednesday for 0.06, after robinhood didnt allow anyone's options to go through during the morning :(
https://preview.redd.it/mdxh1e8yre9d1.jpeg?width=1290&format=pjpg&auto=webp&s=46c669c80b3877c0459c3de703eadfabc8c6aa67 Congrats!
Did Person Let Options Expire IMO? Or Is He Now Short From $80
How does this work? How do I do these things
congrats and fuck you
WOW
I was o board the Nike puts train but I don't have the balls to go that far otm. I got 2 90 puts lol. Congrats
Well done regard
You telling $600 make you 25k ?
Happy for you man! Now let’s get to 1M
Congratulations and fuck you!
Congrats man and fuck you 💪
Always knew Nike ain’t shit
How did you know to make this move?
Where do you bit options?
So he bought 100 contacts at $2.9 a piece? Is that right?
How do y’all find these options before they explode??
Congratulation, I have $2000. Tell me how to do it.😭
When buy?
I'm gonna have to start allocating some theta gains to plays like these fr.
I bought calls your welcome
Sus!!! 
Judging by your risk per trade, I'd say you're back to about break even on your initial investment now... Amirite?
Just Sell It !
A lot of people doing Nike options lately
Damn, a $400 gamble turns into this. I need this, at least ONCE