How to manage this beast?

i want to be clear ,i get assigned at my116 Calls of SPY's with closing price 115.71 so Monday morning i was sort 18000 SPY's,
i hope this is a forum for trades as used to be ,this things happen ,i asked for any good advice if is someone with better knowledge can offer something,
that's how forums for traders suppose to do,if i want critics,i would go to my mom and showed her my positions

anyway what i do was to sort 180 P@121 for 3.72 and get long 180 C@121 for1.53
minimizing my losses using the premium
 
Quote from energizer6666:
anyway what i do was to sort 180 P@121 for 3.72 and get long 180 C@121 for1.53
minimizing my losses using the premium
More...

And what if that goes against you? Or just sits there doing nothing?

I think there are some comments throughout this thread that you need to pay attention to and not just brush off as unhelpful. Yes, I have re-thought the comment I made earlier. :)

Perhaps this comment is right on and is the reason no one has stepped forward to hold your hand:

>>Also, expecting anyone to know the best way to manage this position is unrealistic. No one knows what the SPY is going to do. The best one can do is adjust on the fly, booking profits and laying off risk as each arises. It's still a roll of the dice what may happen after anything is done.<<

Without meaning to sound critical, I have to wonder what you were doing entering a trade with unlimited risk (selling a naked call) if you are unable to easily handle the resulting loss.
 
i'm sorry ,did you pay attention that i assigned in 116 C with closing price 115.71?
that's what i found very frustrating,
how this position can now go against me, can you explain me?
 
No offense, but I am assuming English is your second language? I am having a very difficult time understanding your posts.

If I were you, I would have puke-covered immediately and moved on-- which I think is what you did do right?

So you are now long a combo against the SPY stock position. Little risk in that position, though you will have to pay carrying fees and watch out for pin risk for another expiration.
 
Yes English is not my native language ,sorry,i made my position a reversal , but the point is the SPY gaped up and i executed around 118.5,now looking to collect some theta to pay somewhat for the calls i paid!
 
Quote from keeptradin':

Good gawd I'm glad I don't trade options.
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But you don't know what you're missing.

There's just no better fun that trying to dig yourself out of a losing, complex position while your phone is ringing with a margin call from your broker and you're getting stuck with an underlying you didn't want in the first place and your palms are sweating and your heart is busting up through your mouth and you're watching your net worth flush down the toilet and you've no idea where the end might be.

Now I ask you, who would ever want to miss that?
 
Quote from lindq:

But you don't know what you're missing.

There's just no better fun that trying to dig yourself out of a losing, complex position while your phone is ringing with a margin call from your broker and you're getting stuck with an underlying you didn't want in the first place and your palms are sweating and your heart is busting up through your mouth and you're watching your net worth flush down the toilet and you've no idea where the end might be.

Now I ask you, who would ever want to miss that?
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I dunno. I'm kinda getting tired of it.
 
Quote from energizer6666:

i'm sorry ,did you pay attention that i assigned in 116 C with closing price 115.71?
that's what i found very frustrating,
how this position can now go against me, can you explain me?
More...

SPY options cease trading at 4:15pm ET. At that time SPY was above 116. Should've been no surprise. Auto-exercised likely.
 
I don't know whether you were auto-assigned, but holders of long options can exercise after hours, sometimes until 4:30 or 5:30PM. It depends on the broker. The OCC says the brokers have to request exercises by 8PM. SPY was above $116 at 4:30, so somebody holding $116 calls could have asked to be exercised.
 
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