Like I said before, you are demonstrating a complete absence of basic math and options concepts.
The price of the stock on expiration date (your $25485) is irrelevant in determining your PnL in event the shares are called away. All that is relevant are (1) the price you paid for the stock, (2)...
Ok numbskull.
You bought MARA for $16.90
You sold MARA 8/30/24 16.5C for $0.69
If MARA is above $16.5 at expiration and you allow your position to be called away, your PnL is:
[$16.50 + $0.69 - $16.90] * 1500 = $435.
Tada! If your shares are called away, your PnL is actually $435, not $300...
There is no discrepancy. You are just bad at basic math. And it would not be difficult to explain this to someone with a basic foundational level of options comprehension, but given your post history, it seems likely it would take a half dozen replies and a 1.5 days to explain something to you...
Nah, I understood everything you shared. Your numbers are straightforward arithmetic. Your commentary and conclusions around those numbers are asinine.
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treating realized and unrealized PnL as different is a one-way ticket to bagholding. That's the last thing I'll say in what I hope is the stupidest discussion I'll have to partake in this week.
this has got to be one of the stupidest fucking questions I have ever seen relating to options. No it's not an arb! In scenario 1, you are out of the stock and lock in a loss. In scenario 2, you could end up losing a lot more if the stock tanks.
Its called a Gamma Squeeze because under certain conditions, hedging a short gamma position can trigger a feedback loop that causes the underlying to runaway to either the upside or downside.