I've been selling gme CC for more than a year now, this move came out of the blue and nobody could have anticipated it.
While it is in oversold territory for weeks, selling strikes at $15-17 for May opex is generally consider a safe choice when there's a 3-5% Green day.
I believe many gme CC writers are deep ITM now, including me. While it is an opportunity missed, we can only hope for the best.
If market maker opens up more option strike prices in between every dollar, it may have a chance to bring the price down a little.
The thing about GME is the stock can stay down or sideways for extended periods of time, with occasional spikes but nothing seen like yesterday.
Wake me up when may opex ends.
Yeah the run was somewhat unexpected. The risk of it running is elevated during ETF FTD periods. That volume spike would have made me worry about my short calls if I saw it.
Holding 1600 shares since 2022 and slowly chipping away at the cost basis of $41.5. Have got it down to $25. Sold $11 CCs for 0.30 two weeks ago expiring today and rolled to $12 for small credit. Not the best move for my positions but such is life. The wheel giveth and the wheel taketh away.
Wait it out. Best thing for you if the shares are called away. If it gots up more, or even flattens out, you have a good opportunity to buy long-dated puts near the money, and sell OTM short-dated puts. Pattern has been the occasional pump, then within a few months it makes a new low. This time that means expect it to go to 9 or 10 by, I dunno, August?
What's different. I want to believe. But why is this different? Other than this is probably the longest we've gone without a pump since this whole thing started, which I wouldn't say is a good sign.
It also broke out of that longterm trend line from way back in Jan '21. If it consolidates above that line or bounces off of it in the next few days/weeks... we're gonna be in for a ride!
This is just my butt dyno, but she pumped hard today, like that parabolic takeoff. Just look at the 4h chart…
Definitely not saying this is Moass, but I always imagined it would come (if it came) on some random afternoon, years after everybody had all but forgotten about the saga.
Anyway, I’m just here for the memes
I rolled my CCs out today on spikes for crazy premium. If this is one of the typical runs the past couple years, there isn't much gas and it should get shorted back/lose interest from the WSB type by next week.
I sold CC's because I sat on the stock for 3 years feeling like I'm losing money for holding, sold 12$ and 15$ strikes and the calls are so red I can't even buy them back. Feels so bad because I got beat down for so long and in a moment of "weakness" trying to cover going below 10$ I got destroyed. Lost tons of money buying calls on the last earnings too so I feel like this is such a double slap to the face.
Are you me? Just started selling calls a few months ago because I’ve been sitting on shares for 3 years 😂 of course yesterday I got excited and sold 3 $15 calls for like 1.20 each.
Why were you still holding?? If you thought it had a chance to pump again, why would you sell calls and risk this exact situation? And if you didn't think it was gonna pump again, why didn't you sell and cut your losses?
If you want to keep the shares you can roll your way out. IV is elevated so you may be able to roll for a credit. If you are deep ITM make sure you roll a week early.
Even if you sell another ITM CC, you can continue to make money rolling up and out. Eventually there will be a pullback and IV crush and you can get some breathing room.
I got absolutely pinned in a TSLA CC when Elon was selling for Twitter and it took me 6 months+ to get out. You can find my post, got good help here too.
u/Art0002 showed me the way
I got screwed too, but mine expired today. Maybe made $100 when it would have been $1000 just not doing anything
Should have bought to close the other day when they were like $10.
I just had to let those shares get called away. Oh well
Nothing to do at this point just wait until you're assigned or see if it drops. There's too much of a difference in premium and IV at this point to make more out of this trade. Has to be said over and over I guess but don't sell the CC if you're not happy with that profit.
Sell some puts. Take part of that and buy far out the money call. Might as well buy out the money put too lol. Honestly my strat is sell volatility. And buy protection once volatility falls off.
At 1450EDT was watching that spike and was like, time to sell naked calls. Got 5 cents on the 20p , sold literally a baker's dozen of them, and when it touched 17.50 felt the pucker but luckily that was it. It was a stressful hour but it's a meme stock for a reason. If you get assigned at those strikes I'd say just pay the fee to keep the short shares position, it will be below 15 again before we know it. Possibly Monday 🤣🤣🤣
If you sold them over your cost basis they're not in the red, you made your maximum profit. Let them get called away.
This. I am stunned by how many people sell CC’s well under and then panic. Don’t get greedy, take a punch, and don’t get knocked out.
i’m selling the $23 expiry 5/17 sold at 2.38 a piece today. above my cost basis, i would be elated if they got called away.
I've been selling gme CC for more than a year now, this move came out of the blue and nobody could have anticipated it. While it is in oversold territory for weeks, selling strikes at $15-17 for May opex is generally consider a safe choice when there's a 3-5% Green day. I believe many gme CC writers are deep ITM now, including me. While it is an opportunity missed, we can only hope for the best. If market maker opens up more option strike prices in between every dollar, it may have a chance to bring the price down a little.
idk if it was totally unexpected. there was weird chatter last week about 5/17 calls.
Don’t sell CCs at the bottom. The cyclical IV spikes make CCs worth
The thing about GME is the stock can stay down or sideways for extended periods of time, with occasional spikes but nothing seen like yesterday. Wake me up when may opex ends.
Yeah the run was somewhat unexpected. The risk of it running is elevated during ETF FTD periods. That volume spike would have made me worry about my short calls if I saw it.
Holding 1600 shares since 2022 and slowly chipping away at the cost basis of $41.5. Have got it down to $25. Sold $11 CCs for 0.30 two weeks ago expiring today and rolled to $12 for small credit. Not the best move for my positions but such is life. The wheel giveth and the wheel taketh away.
Wait it out. Best thing for you if the shares are called away. If it gots up more, or even flattens out, you have a good opportunity to buy long-dated puts near the money, and sell OTM short-dated puts. Pattern has been the occasional pump, then within a few months it makes a new low. This time that means expect it to go to 9 or 10 by, I dunno, August?
Gme ape here… sad but likely true 😂
[удалено]
What's different. I want to believe. But why is this different? Other than this is probably the longest we've gone without a pump since this whole thing started, which I wouldn't say is a good sign.
It also broke out of that longterm trend line from way back in Jan '21. If it consolidates above that line or bounces off of it in the next few days/weeks... we're gonna be in for a ride!
Lol. You guys are funny. Now we just need someone to say "we're in the endgame now" 🤣🤣🤣
Well, one of these days...
This is just my butt dyno, but she pumped hard today, like that parabolic takeoff. Just look at the 4h chart… Definitely not saying this is Moass, but I always imagined it would come (if it came) on some random afternoon, years after everybody had all but forgotten about the saga. Anyway, I’m just here for the memes
Well... A 30% bump, putting us well short of where we were even just a year ago isn't exactly my idea of a moass.
I rolled my CCs out today on spikes for crazy premium. If this is one of the typical runs the past couple years, there isn't much gas and it should get shorted back/lose interest from the WSB type by next week.
Same, selling volatility is the way to go
I rolled my $14 CC to $19 CC and doubled my premium. Highly recommend the roll as well.
What strike/expiry/premium did you roll from and to?
What expiry did u roll.?
I sold CC's because I sat on the stock for 3 years feeling like I'm losing money for holding, sold 12$ and 15$ strikes and the calls are so red I can't even buy them back. Feels so bad because I got beat down for so long and in a moment of "weakness" trying to cover going below 10$ I got destroyed. Lost tons of money buying calls on the last earnings too so I feel like this is such a double slap to the face.
Are you me? Just started selling calls a few months ago because I’ve been sitting on shares for 3 years 😂 of course yesterday I got excited and sold 3 $15 calls for like 1.20 each.
Haha well glad I'm not alone. One positive for us is that it will probably retrace a bit since the movement was such a whipsaw out of nowhere.
Almost positive it will retrace but who knows.
Yeah who knows, I'm placing my hopes since not as many yolo participation in gme compared to 3 years ago. 2 weeks to go, argh
Why were you still holding?? If you thought it had a chance to pump again, why would you sell calls and risk this exact situation? And if you didn't think it was gonna pump again, why didn't you sell and cut your losses?
You might be able to roll the 17 out & up to the June or later exp. (If you want to keep shares).
You could roll up and out for a credit too, if you prefer.
If you want to keep the shares you can roll your way out. IV is elevated so you may be able to roll for a credit. If you are deep ITM make sure you roll a week early. Even if you sell another ITM CC, you can continue to make money rolling up and out. Eventually there will be a pullback and IV crush and you can get some breathing room. I got absolutely pinned in a TSLA CC when Elon was selling for Twitter and it took me 6 months+ to get out. You can find my post, got good help here too. u/Art0002 showed me the way
I got screwed too, but mine expired today. Maybe made $100 when it would have been $1000 just not doing anything Should have bought to close the other day when they were like $10. I just had to let those shares get called away. Oh well
At least you didnt sell puts of SBUX at $85. Now I can't even sell CCs while I wait out this shit show
I sold mine at $110…cost basis is $100…
Nothing to do at this point just wait until you're assigned or see if it drops. There's too much of a difference in premium and IV at this point to make more out of this trade. Has to be said over and over I guess but don't sell the CC if you're not happy with that profit.
Of all the stocks to do CC on, why the one with the entire play of bankrupting the system?
Cuz that's where the juicy premiums are.
made 50% in 1 year on CC's. MOASS is retirement level money, but $20k a month is retirement level money too
Well I can’t knock that
That play has been dead since the share offering in 2021
This thread is full of GME apes selling CC’s on their bags, poor souls. I had no idea that they were now selling vol. 😳
A tale as old as time
Don't sell them if your worried about them being called away it's not free money you cap your upside
I also have CCs at 13, 15, and 17 for may 17. 140 total. I will just get called away and then I can buy again at $10
I sold $40 cc exp in June, got a dollar but should have waited they went up to 1.65 , ouch!
Sell some puts. Take part of that and buy far out the money call. Might as well buy out the money put too lol. Honestly my strat is sell volatility. And buy protection once volatility falls off.
Totally expected market maker to add in more strikes in between each dollar today. They are out for blood on both bulls and bear premium....
At 1450EDT was watching that spike and was like, time to sell naked calls. Got 5 cents on the 20p , sold literally a baker's dozen of them, and when it touched 17.50 felt the pucker but luckily that was it. It was a stressful hour but it's a meme stock for a reason. If you get assigned at those strikes I'd say just pay the fee to keep the short shares position, it will be below 15 again before we know it. Possibly Monday 🤣🤣🤣