Been rolling this week’s short puts aggressively up to at or slightly in the money. Currently short two 325 strike puts for Friday @ 17.00 total premium. This will have 38.20 of the original 64.60 purchase covered with 2020 still a few weeks away 🙂 .
Had been rolling weeklies out and up to try to stay out of the way. Today since it looks like TSLA could possibly close above the 200ma I bought to close one of the two weekly calls at 30.00. This gives much better upside now. At some point I can re-sell that call or take it out of the massive put premium received so far. Or…could just add it back in to the LEAPS basis on the call side. I’m leaning towards that since the call side basis had already been reduced by 12 dollars (34 down to 22) with 83 weeks still to run.
Since both sides of the LEAPS were spreads (2 each) I’m considering only selling one weekly against those from now on. This will give much better profit potential in either direction with plenty of time to easily recover the original cost.