Selling Calls To Take Advantage of SPY Drop to 82 By 18-Sep

[shortie]

added one more short call @2.11 around the close. average cost 2.50, -6x calls in total. the position shows +250 in unrealized profits.

i need to post a chart to illustrate how terrible my entries have been.

 

[donnap]

Quote from atticus:

Long fly or a short straddle for pure vol. Short calendars if vols are in contango.

Thanks, atticus.

 

[shortie]

Quote from shortie:

added one more short call @2.11 around the close. average cost 2.50, -6x calls in total. the position shows +250 in unrealized profits.

i need to post a chart to illustrate how terrible my entries have been.

Trades for the last week:

the main regret is not locking in some gains during Wed drop.

 

[shortie]

sold 2x 92 June Puts for 1.60 when SPY was around 93.25. I want to lock in some gains on the short calls.

 

[shortie]

Quote from shortie:

sold 2x 92 June Puts for 1.60 when SPY was around 93.25. I want to lock in some gains on the short calls.

tried to sell more 94C into EOD rally but no fills

 

[LEAPup]

Quote from atticus:

There are many methods to sell vol directionally, but selling naked calls shouldn't be at the top of the list.

I agree!!! Selling naked calls makes me a little nervous! (And then some!) At lease with Put selling, the pain stops at $0...

Great post bro!

 

[shortie]

Quote from LEAPup:

I agree!!! Selling naked calls makes me a little nervous! (And then some!) At lease with Put selling, the pain stops at $0...

Great post bro!

this is not an issue with selling calls on SPY. i don't expect SPY doubling in 1 month.

 

[LEAPup]

True on the spy. And, doubling in a month? Lol! I also agree on that.

I should have read what you were trading before that reply. Lol!

I'd say big chance the calls expire worthless. You should be in good shape.

Now selling naked calls on stocks? Ouch! I got burned on that once, and learned my lesson. Lol

 

[shortie]

shorted two more 94C at 1.99 this morning with spy ~94.80

 

[shortie]

sold 2x 92 puts with SPY around 93.60 to lock in more gains and to continue building strangle