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  1. #1291
    Registered User usersignup2's Avatar
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    Originally Posted by TugOfPeace View Post
    Have a couple questions..

    1) Let's say you have 200 shares of a stock and you're long, cost basis @ $75.

    You sell two covered calls at $40 cost basis (current stock is at $32).

    If the underlying is approaching strike price near expiry and you want to hold onto your $75 cost basis shares, you can just buy 200 shares of the underlying at $39 for example and get rid of any risk of losing money on the trade if the covered calls end up ITM, right? Since your $39 shares would get called away?

    Assuming your tax lot methodology is LIFO.

    2) When selling CCs, since the cost basis of your underlying doesn't get reduce for tax purposes, do you technically take a loss if you eventually sell the underlying?

    For example you purchase some shares @ $14. You do a couple months of CCs that bring your theoretical cost basis down to $10. Then you finally do a CC where your shares get called away at $12. This would be a loss of $2 on shares, but a net gain of $2 in profit.

    not a tax expert but AFAIK
    1) yes.
    2) yes. Loss on shares, cap gains from premium.
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  2. #1292
    Registered User usersignup2's Avatar
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    swing position on TSLA is deep red.

    exited my SQQQ for net 13K+

    previous two weeks of covered calls net green. GOOG got called away at 94, AAPL called away at 146. Assigned TSLA @175.

    STO
    AMZN Jun16 100cc x20
    TSLA Jun16 180cc x5
    TSLA Jun16 205cc x10

    hoping to net roughly 43k in premium

    still holding TSLQ as hedge
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  3. #1293
    Registered User usersignup2's Avatar
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    Posted on Discord
    usersignup — 03/10/2023 2:38 PM
    Imo this type of news will fuel retail, wsb and redditors to pile in on puts, drive down market and then cpi numbers come in...boom instant market rebound to today's close. Whales win again.

    usersignup — Today at 10:58 AM
    today is a good example of what I've said in the past. There is no such thing as a catalyst (generally speaking). The move is gonna happen no matter what. The 'catalyst' is just the timing of WHEN it's going to happen. TBH I had no real inkling of what was happening with SVB except just bad **** going on. I also had no idea there was some bailout planned. I was expecting CPI numbers to be in line with Fed action and that would be the 'catalyst'. But here we are and the market reaction is right with what I posted on Friday. Flash crash, instant rebound. **** is gonna happen no matter what the news is. I was waiting for this. Sold out of my SQQQ position for 13K+ net. More bad stuff is coming IMO so I will buy back in when I see an opening.
    And to temper all this, I'm trying to salvage my TSLA swing by selling far out CC atm which I'm deep red, so obviously I'm not trying to say I get it right all the time.


    Plan your trade and trade your plan. Being reactionary to the markets whim is only going to lead to poor decision making. If you have and idea where/how the market will move then you can create a plan if it happens. The idea that market moves because of a headline is the biggest lie. Hedge funds make as much as they do because they build positions well in advance of events. When the event happens - regardless of how big or small - they make their move and capitalize. Be on the right side of the move by studying charts, not bull**** news articles designed to suck you in. Rant over, stay safe and trade wisely and good luck.
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  4. #1294
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    So are you 80% TA / 20% FA?
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  5. #1295
    Registered User usersignup2's Avatar
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    Originally Posted by Bingo559 View Post
    So are you 80% TA / 20% FA?
    I'd say 100% TA.

    I don't worry about macro. Just read the charts. I'll watch out for earnings and some events to plan support and resistance and watch option volumes to plan ahead. I almost never concen myself with financials because imo you never know how the market will read them.

    I'm primarily concerned with a few factors and I focus on fine tuning my strategies.
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  6. #1296
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    That's a very interesting take. Don't think I've ever met anyone irl or online that was 100% TA.

    I kind of thought too at times the story is just made to be a catalyst and that price is gonna go where it goes, but still cant convince myself to be all TA.

    I think i'm 60/40 FA/TA. I bought some Japanese candlestick trading course on udemy a long time ago, but the teacher has a horrible italian accent. might need to give it a watch again
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  7. #1297
    Registered User usersignup2's Avatar
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    There is primary benefit of TA, assuming all else equal, i.e. you are successful at it.

    You can sleep at night. Unless I'm balls deep in something just before earnings, I never worry about how the news affects the market. Perfect example is this SVB and CS stuff. IDGAF because I have an idea of where things might go. I may not be right, but at least I have a plan.
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  8. #1298
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    TA helps you sleep at night but, macroeconomics, knowing how things can play out over 1, 5 or 10 years will have you sleeping like a baby lol.

    If you only do TA, even on long time frames, you can miss the big picture.

    Macro is the material, TA is the magnifying glass.
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  9. #1299
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    To expound on my previous post.

    You can view the Macro as the big picture.

    The borders of the image are drawn by government.

    The image is drawn by individuals, pieces of it are magnified by traders using TA but because of this, traders can miss the Big Picture.

    Pieces of the image that you are not paying attention to can be changed right under your nose.

    This is why macroeconomics are important.
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  10. #1300
    Registered User usersignup2's Avatar
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    From a long term investment pov I would employ different strategies and not TA. I would use it for entry and exit if necessary.

    Since this is an option thread I'm dealing with trading and what works for me is TA.
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  11. #1301
    Registered User usersignup2's Avatar
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    Expecting lots if volatility in the days to come. Removing risk where I can.

    I see QQQ and SPY pop to swing highs and drop fast. Until that plays out, I'm not expecting to add any contracts.
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  12. #1302
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    Really enjoying writing calls as a profitmaking strategy. Have completely stopped making speculative plays and all I do now is CCs. Profitability has been steady and stress free. Hope to improve on it a lot more once I get deeper into TA.
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  13. #1303
    to be and to last poland144's Avatar
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    Here's a quick 0dte trade idea I've been successful with the past few months.

    30 min before close, sell the 10 Delta 0dte synthetic strangle on SPX. Exit at touch.

    Stats last 90 days of trading: wr 78%, PCR 28%. Average winner $100, average loser $200.

    Doing this one with a small portion of the trading account.
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  14. #1304
    Registered User usersignup2's Avatar
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    Originally Posted by poland144 View Post
    Here's a quick 0dte trade idea I've been successful with the past few months.

    30 min before close, sell the 10 Delta 0dte synthetic strangle on SPX. Exit at touch.

    Stats last 90 days of trading: wr 78%, PCR 28%. Average winner $100, average loser $200.

    Doing this one with a small portion of the trading account.
    GL brah. Personally not for me. Risk of big AH move, though less likely with SPX. But still, could get assigned on AH move.
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  15. #1305
    Registered User usersignup2's Avatar
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    Not a lot of trading lately. Mostly sitting back on my longer dated TSLA and AMZN CC collecting premium.

    Buy/write on OXY for 62.50CC. CSP weekly 63csp, rolled to May05 63 for additional net premium. All in all a couple K.

    Still holding SQQQ, tried to scalp some to bring cost down. Red on that quite a bit but confident near term QQQ is coming down and this rally will end soon. Hope lol.
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  16. #1306
    Registered User Bingo559's Avatar
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    there was 19,000 $60.00 calls for FRC 4/28. Do they anticipate the stock could 4x next week?
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  17. #1307
    to be and to last poland144's Avatar
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    Originally Posted by usersignup2 View Post
    GL brah. Personally not for me. Risk of big AH move, though less likely with SPX. But still, could get assigned on AH move.
    You've got this mixed up. AH moves only matter for Friday monthly AM option expiries which settle at the SET price which you can just not trade. Maybe you're thinking of American options like SPY.

    I can personally attest it works this way on SPX having traded the strategy one day this week where the spread expired worthless but /es movement immediately after close would have moved it ITM.
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  18. #1308
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    Originally Posted by usersignup2 View Post
    Not a lot of trading lately. Mostly sitting back on my longer dated TSLA and AMZN CC collecting premium.

    Buy/write on OXY for 62.50CC. CSP weekly 63csp, rolled to May05 63 for additional net premium. All in all a couple K.

    Still holding SQQQ, tried to scalp some to bring cost down. Red on that quite a bit but confident near term QQQ is coming down and this rally will end soon. Hope lol.
    It will end soon, stay strong, <3.
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  19. #1309
    Rarely here jafomofo's Avatar
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    any tips for screening for options? just getting started on it and trying to build up an SOP for screening through options and also interested in what platforms people use for analyzing this? unusualwhales and optionstrat are what im looking at currently. thanks
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  20. #1310
    Registered User usersignup2's Avatar
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    Originally Posted by jafomofo View Post
    any tips for screening for options? just getting started on it and trying to build up an SOP for screening through options and also interested in what platforms people use for analyzing this? unusualwhales and optionstrat are what im looking at currently. thanks
    sorry cant help. I only sell options on stocks I own - usually they are long term holdings.

    you could start with @WallStJesus and @SwatOptions on twitter for insight
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  21. #1311
    Rarely here jafomofo's Avatar
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    so im just learning my way through this a bit but so far I bought calls for KMI, Ford, Hanes and Rivian. I assume people get addicted to this like gambling eh?

    I have a few hundred shares of citibank i have been considering selling covered calls on, is that mostly what you do?
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    Originally Posted by jafomofo View Post
    so im just learning my way through this a bit but so far I bought calls for KMI, Ford, Hanes and Rivian. I assume people get addicted to this like gambling eh?

    I have a few hundred shares of citibank i have been considering selling covered calls on, is that mostly what you do?
    just a word of caution. until you understand option greeks, it's best advised you stay away from buying options. You need to know why an option is priced the way it is and how much the value changes compared to the stock. otherwise you will lose money fast. of course, holding until expiration will lose it even faster.

    selling covered calls is almost exclusively how I trade options. again, learn option greeks, otherwise you have a higher likelihood of getting your shares called away
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    Originally Posted by jafomofo View Post
    so im just learning my way through this a bit but so far I bought calls for KMI, Ford, Hanes and Rivian. I assume people get addicted to this like gambling eh?

    I have a few hundred shares of citibank i have been considering selling covered calls on, is that mostly what you do?

    I’m up 130% ytd selling options. I have no idea why more people don’t do this. It’s free moneys. But you have to learn first!

    I would never buy calls or puts. Wayyyy too dangerous. You have to learn for years paper trading.

    Be careful Breh.
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    Irrelevant to YOUR succes chino3's Avatar
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    Originally Posted by kusok View Post
    I’m up 130% ytd selling options. I have no idea why more people don’t do this. It’s free moneys. But you have to learn first!

    I would never buy calls or puts. Wayyyy too dangerous. You have to learn for years paper trading.

    Be careful Breh.
    Aren’t you the guy who doesn’t know how percentages work?
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    Originally Posted by chino3 View Post
    Aren’t you the guy who doesn’t know how percentages work?
    Brah… u shorted the market? Or just mad you didn’t buy in yet? Why so much hate? Lol, we r all one, bro.
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    so i want to preface this by saying im just doing this with small amounts of money to learn so i dont mind losing money as part of this. That said, here is my question that I'm hoping someone can explain to me.

    i bought 7/21 10 C calls for robinhood and my price paid on 6/14 was .57. those have been bouncing around but now that the price of the stock is pinging the strike price the value of the options is at .44 so im underwater by like 63 bucks. I see that the value of options is not explicitly tied to the stock price but what specifically is impacting the price of the option to create the disparity?
    Last edited by jafomofo; 06-27-2023 at 12:36 PM.
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    Every day that passes and Robin Hood doesn't cross $10, you will lose more money. I think the time value is eroding
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    Do some reading on option greeks. It's critical that you understand this.

    For your case Theta value determines how much your contract decays, or loses every day, regardless of whether the stock value changes or not. The other greeks, delta particularly play a role as well. Delta and theta are the two easiest to determine option values for a given price movement/time.

    So currently your contract 7/21 10c has a theta of -.0093. So that means if the stock stayed the same price and volatility doesn't change, your contract loses $0.93 every day.

    Greeks can change daily, so values and their affect are not static.
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    Originally Posted by usersignup2 View Post
    Do some reading on option greeks. It's critical that you understand this.

    For your case Theta value determines how much your contract decays, or loses every day, regardless of whether the stock value changes or not. The other greeks, delta particularly play a role as well. Delta and theta are the two easiest to determine option values for a given price movement/time.

    So currently your contract 7/21 10c has a theta of -.0093. So that means if the stock stayed the same price and volatility doesn't change, your contract loses $0.93 every day.

    Greeks can change daily, so values and their affect are not static.
    Gotcha. I had to actually start power etrade and add the columns to see those. That makes sense. So the .0093 becomes .93 for each contract and then 5 contracts held for 14 days accounts for about 60 bucks which is close enough. Does that decay get factored into the cost of the option daily then? Thank you.

    Assuming these pass the strike price and I decide to just exercise and hold the stock it becomes a moot point anyhow correct? Net result to me would be that I bought the underlying stock at a 5-10% discount and could either hold or sell immediately? I'll watch some videos on exercising them in deference to closing.
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    Registered User usersignup2's Avatar
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    Originally Posted by jafomofo View Post
    Gotcha. I had to actually start power etrade and add the columns to see those. That makes sense. So the .0093 becomes .93 for each contract and then 5 contracts held for 14 days accounts for about 60 bucks which is close enough. Does that decay get factored into the cost of the option daily then? Thank you.

    Assuming these pass the strike price and I decide to just exercise and hold the stock it becomes a moot point anyhow correct? Net result to me would be that I bought the underlying stock at a 5-10% discount and could either hold or sell immediately? I'll watch some videos on exercising them in deference to closing.
    Yes the decay gets factored daily.

    If you exercise and want to sell immediately, you can do a covered call instead.
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