Don’t think anyone else is in this trade right now so will be brief.
Assigned on a bunch of WDC 90 puts on earnings gone bad, they beat but the stock sold off from 96 down as low as 81 or so. Took assignment on half and rolling the puts on half to see which works better in real time on deep ITM puts. Converting to covered calls wins. I was break even last week, this week up average of .54 on the calls if I let assignment go next week. Still have some work to do on the puts. Moral of the story, if you can’t take in more than 0.5 by rolling the puts weekly go ahead and take assignment and convert to covered calls or collar it if still dropping.
Rolled this weeks 84 and 85 WDC calls to 15 DTE for varying credits of 0.67-82 depending on accounts. Now will be profitable on all the converted covered calls and will either: let assignment happen in next 1-2 weeks or if stays where it is and I can bring in more than 0.5 each week by rolling will keep rolling.
Cost basis now under 84 with the stock at 88.55 currently.