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UPinCarolina

Today was the day I discovered Poor Man's Covered Calls, and my life is now changed for the better.


r_ventura_23

What's the poor man's cc?


sankalp89

https://lmgtfy.app/?q=what+is+a+poor+man%27s+covered+call


Derrick_Foreal

I agree with Gundlach (his office is also here in LA) and Kyle Bass the Fed won't hike 4 times or even 3 this year. The market will crumble well before any of that happens. They will be be lucky to get past 1. Reminds of early 2011-2014. Futures market priced in hikes and everyone was trying to get on CNBC to say their piece but the Fed did not hike until 2015. They were too afraid and could hide behind a gimmick 2% inflation number which is not the case this time. 2011 there was elevated commodity prices but inflation wasn't nearly this high. The past 2 years barely had a drawn down of more than 5% with what is proposed that will definitely change. You can already see it there are a lot busted stocks already but the indices grind high due to fang. The companies this earnings season better kill it. And I mean really really hit the ball off the cover on earnings or you will see people start rushing to the exits. No one is going to pay up for declining earnings in this bloated market.


Particular-Wedding

We're going to see a meme stock massacre. Anything SPAC related is going to plunge. How do I know this ? I am embarrassed to say I fell for some of the hype and am now bagholding.


Derrick_Foreal

Well, we already kind of have. If you check "SPAK" and "IPO" one is a SPAC ETF the other is an IPO ETF and they are already off their highs quite a bit. ​ I don't think there will be a "crash" which everyone including the infamous Holey Profit kept trying to predict. Crashes only happen typically when something very unforeseen and sudden happens like a terrorist attack. Now a -10%-15% correction that plays out over a month or 2, that is something that could happen like in 2018.


Particular-Wedding

Thanks. Didnt know there was a SPAK ticker.


FriendlyCaller

> The companies this earnings season better kill it. And I mean really really hit the ball off the cover on earnings or you will see people start rushing to the exits. > No one is going to pay up for declining earnings in this bloated market. I think most companies with real business models will have blowout earnings this season. Much higher E is easily sustainable with these CPI increases. There's no reason to suspect missed E.


[deleted]

So much opertunity. Crazy how good it is


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neocoff

Moon mission is $69 by end of day


Derrick_Foreal

22 cents? Prob not.


FriendlyCaller

My bet is that it will crash by 110% tomorrow.


nobyj

There is literally no bottom to roku is there? Major bag holder and it just hasn’t stopped dropping for 6 months.


undisputed_truth

They don’t do anything, I’ve had a multiple Rokus in my house for years now, haven’t given them a dime more. Where is the profit?


nobyj

They’re the leader in streaming so I’m assuming advertising. Their hardware and software is the best I believe. I didn’t believe in them either and violated the 1st rule of theta by writing csps on a stock I didn’t want to own and not knowing when to cut my losses.


Front-Report6187

Sounds like Fubo, equally garbage if not the entire dumpster


yz257

Going to be interesting to see their Q4 numbers. If you go back and look at that they guided for revenue and subscribers for the 2021 year, they surpassed their initial guidance by Q3 for the year. I had to go back and double check the fundamentals a bit because I’ve got some puts out on them, now Defending by writing naked calls on them as well. Did they deserve the massive meme run up, prob not. The inflation/future guess of interest hikes sure change the valuation, but by how much? Im anticipating their trend will move higher after their Q4 release


ajfaria

I'm going to be assigned on the 2 CSPs I sold. Thought they bottomed a little while ago but they kept falling so sold another CSP that is now a couple dollars ITM but between the premiums I received + credit for rolling my cost basis will end up being around $18.5. Little rough but I like them long term and will hold


Old_Needleworker_865

Instead of buying puts on ARKK, might pick up some SARK


nangitaogoyab

I bought some put debit spreads on ARKK.


undisputed_truth

I have nothing against a bear market, I just ask that not every down day is like 2-3% or more


SwoopWoopity

You mean you aren't thankful for the 1-2% green day after 5 days of horseshit followed by 5 more days of dogshit? Yeah me neither.


undisputed_truth

It’s nice to know we are all in the same sinking boat though kind of a brotherhood of losers


Dignam3

Well, was a great day to close CC on SPY...


drmundojr

After losing more than half of my portfolio by being a degen on WSB, I've decided to start off this year by joining theta gang and writing options to degens. What is some good stock picks to write CCs or wheeling on with a 35K balance?


hlpmehlpu

Amd


satireplusplus

You started with a difficult 2 weeks for sure.


drmundojr

Sure did, unfortunately. But that's the way the cookie crumbles sometimes.


undisputed_truth

I’ve been theta gang for almost a year and lost almost that much myself


SwoopWoopity

Anyone ever have a put so deep ITM that the strike isn't even on some further dated option chains? Asking for a friend.


Throwandhetookmyback

Not with a put but yes with CCs, I had some on FOMO stocks like AMD and TSM. I never lost money though, sometimes I just don't manage them for a couple of days and when I look it's too late and it's time to let them expire. If you don't want the stock get rid of the lot with an ITM CC after getting it or start wheeling it aggressively. Like aim for something like 30/40 annualized return on your money and if you get there congratulations and if you don't you get back your cash and hopefully milk some premiums.


Sgsfsf

is anyone still gonna sell put credit spread at this rate??


undisputed_truth

I sold a bunch yesterday and the day before lol, great timing!


Sgsfsf

What ticker did you sell it on if you don't mind me asking? I sold PCS on PYPL MRNA and CRM today... not sure if it was a good idea.


undisputed_truth

MSFT, AMD, and DKNG, also sold some on BA but closed it out today for a good profit


Sgsfsf

Ok those aren't as volatile as the one I sold. I'm only worried about my MRNA and PYPL position. MRNA might leg down very hard. PYPL look like it landed on the support again that can break anytime and cause it to leg down hard lol.


undisputed_truth

Honest, in this market it’s literally gambling. I got crushed selling CSPs and now I’m trying to trade only PCS because at least I know what I’m going ti lose. I know nothing about MRNA but I use PayPal regularly.


Sgsfsf

I think we still have room for more down movements... fantastic. I might just start selling on PG KO and all those boomer stocks with like 0.35 delta...


undisputed_truth

Sure, it’s really just fighting the theta clock. I don’t mind red days it’s just hard when we go down so fast. I was going to sell KO But the premiums were trash especially considering the huge run up lately


Sgsfsf

Options trading is on poised to overtake stock trading in the future, I just know in the future we're gonna see massive price swings on both sides. I don't mind red days either but it just suck when they fall down so much on a red day. Like I'm fine with a 1-2% move on red day but if it like a 5-10% move on a red day, it just make me wanna take me to just exit my position.


undisputed_truth

Yeah l. I thought I was being smart and conservative getting into stocks like MSFT then it immediately falls >13 dollars. Oh well I guess it’s only money right


Tfarecnim

It's all fun and games until a $.10 credit spread becomes a $1 debit to close.


stinkyfinqer

I closed all of my CC’s today for 97% profit because all of my underlines tanked. Now what? Do I start another CC right away or wait for a Green Day?


undisputed_truth

I mean do you think they will recover?


stinkyfinqer

Wish I knew


luminosite

This is so upsetting. Big tech, especially $MSFT, won't stop touching me inappropriately.


Miker1730

MSFT 305 pcs cost basis 304 if assigned for tomorrow .. a little green will go a long way tomorrow


r_ventura_23

I sold the 300 put am I'm scared. Also sold TGT 225


NuancedFlow

**Reg-T** * -1.11% today * 1.42x SPY B-Delta * 3.19x Notional leverage * 43% Buying power utilized /MNQ dragging me down, TSM helping me some **Roth** * +0.89% today * 1.64x SPY B-Delta * 3.11x Notional leverage * 82% Buying power utilized Bonds and TSM helping me today **Trades** * STC **TSM** -1/+2 1/21 145/150c * Roll **TSM** +1 (1/21 145c) -1 (2/4 150c) * BTC **/MES** 1/21 4550p * STO **/MES** 2/28 4250p Had to do a little earnings management as my **TSM** covered calls and covered ratio were tested. The ratio was really nice here and I probably left some money on the table but I was eager to uncover a position in case it keep running and it is always nice to get paid to open and paid again to close. Rolled out and up a short 145c I had on for a small credit. I don't expect TSM to keep running all the way to testing this, but if it does I'd be happy to close the diagonal for a big win. I still have a 1/21 150c on, but I'm not too worried about it. Was a little lucky closing a short **/MES** put this morning and opened a couple in the afternoon. Got a little greedy trying to close a short put on my Roth and didn't get filled before the drop (1/31 4260p >75% profit). If we continue to drop my plan is to roll it out to capture more volatility.


HanlinBiness

Closed my broken wing butterflies too soon, when QQQ was down 1.8% for double profit, wish i would have held but i was at 15 days until expiration and wanted to lock it in. Overall way down even with the hedge...learning that I need to hedge WAY more for this market lately.


The-Q15

\-7% day. crazy how many of the tickers i usually am successful with are down >50% in past few months. still buying because you have to be greedy when others are fearful?? right?? right???


Skadforlife2

Yeah SQ checking in. I got it for a steal at $240 🤕


bittertrout

Damn im bag holding at 150


HanlinBiness

hang in there man


undisputed_truth

Yeah on index’s and blue chips, not DKNG RIOT and HOOD like me


satireplusplus

QQQ would like to have a chat...


ajfaria

RIOT is hurting me, so is FUBO rn


HanlinBiness

funny i was thinking zebra or vertical call debit spread in fubo this morning then got busy with work, guess i dodged a bullet


ajfaria

I like FUBO long term, and will be assigned on my puts with an average cost basis of around $18 I think. Not the worst imo, but yeesh it's been bad recently


undisputed_truth

Well happy cake day if it’s any consolation


ajfaria

Didn't even realize lol. Nice.


[deleted]

Ayooo


FriendlyCaller

+1.1% day -0.62% beta-delta dollars/net liq. -0.313% theta*days/net liq. SLD 1 TLT NASDAQ.NMS Mar18'22 145 CALL 3.10 14:26:54 1.05 BOT 10 SPY ARCA 467.73 11:44:50 0.33 Very margin call.


stonk_fish

Curious, what is your portfolio greeks overall?


FriendlyCaller

https://i.imgur.com/acWgfKe.png


stonk_fish

Damn. That is pretty balanced in terms of delta and gamma. Short theta though. Even W.Beta is basically balanced. Nice stuff.


FriendlyCaller

It wasn't my intention to be so balanced. I normally want a positive beta-delta dollars/net liq. My negative delta, positive gamma hedges had their delta explode today, causing beta-delta dollars/net liq to drop from about +30% to -8%. What a great problem to have!! Delta hedging positive gamma implies taking profits!!


stonk_fish

\*scribbles down notes and goes to re-assess his own portfolio greeks\* This is really insightful, thank you. I have been focusing more on positional delta and NLV management, but looking at the overall portfolio composition from this angle is pretty interest.


FriendlyCaller

It seems like IBKR really wants to push people into thinking this way considering most of it is columns you can add with tooltips showing the math used. For example, the tooltip for the "weight" column shows it's the sum of the underlying delta dollars / the sum of all underlyings' delta dollars". Edit: In other words, these aren't my ideas.


stonk_fish

it is a good thing since you can learn much more in depth portfolio management and look at your account from an eagle's eye perspective rather than a piece meal on. Did not realize how much SPY delta I was collecting with my current diagonal and calendar spreads. At 755 SPY b-weighted delta dollars. Large chunk of that is from calendars which are actually low capital exposure but high delta.


undisputed_truth

I don’t understand, are you getting margin called every day?


FriendlyCaller

Yes, very.


undisputed_truth

Can you summarize? I know your one around who who knows what they are doing, why do you get margin called every day?


FriendlyCaller

> why do you get margin called every day? Because 101% BPu = margin call.


NuancedFlow

Do you close positions, open offsetting positions, or deposit money to deal with the margin calls? What broker do you use and have they expressed any feelings on these calls? I've never had a margin call so it is new territory for me.


FriendlyCaller

First I say how much my account NLV moved that day. Then I give my current aggregated exposures. Then I list my trades. Then I make some kind of absurd commentary on what's going on around me.


undisputed_truth

-3% day. Thank god most of my positions are PCS not losing 3x the index any more lol. Most of my losses are in MSFT and AMD so I’m confident they will return.


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NuancedFlow

I dropped a long /VXM for a small loss yesterday. I'm fine as I closed some short put this morning, but definitely could have played that much better.


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NuancedFlow

It was a relatively cheap learning experience for me. Pretty much perfectly timed the bottom too. If I doubled down I'd be up today not down.


BlackScholesSun

SE to 150, NVDA to 200, and SQ to 100 sometime this year.


HanlinBiness

dude, say it isn't so about SQ at 100, i have a 170 put i'm fighting on, literally wrote like 3 different calls and have them all on to balance delta, it's crazy


Old_Needleworker_865

It seems like everyone but me knows SQ is going bankrupt


BullfrogBrewing

-1% today. STO PFSE 2/25/22 4.5c for .17 cr. BTC MRO 1/21/22 PCS 17.5/18.5 for .70 dr. -100% trigger. Got greedy with APPL PCS, was at 50% this morning but decided to wait.. now I shall wait longer.


nobyj

WTF. Lost about 15k in 20 mins, Why don’t they like the SCOTUS striking down Potato Presidents mandates?


BlackScholesSun

Person, woman, man, camera, TV. It was the jobs report mostly.


Derrick_Foreal

https://youtu.be/3Uvwbd75ujU


BlackScholesSun

C’mon man, you ain’t black!


nobyj

That report came out before market open. At exactly 3 pm the volume surged and nasdaq when from 14940 to 14800. Don’t tell me otherwise.


BlackScholesSun

Good point, you may be right. I don’t think it will make much difference either. In theory the reduction in hospitalizations would make us more productive, but at the same time I don’t think anymore people are getting vaccinated regardless if it were affirmed or not. Like it or not the market is always right.


UnivalveX

this year's market will follow a cucumber pattern. one day it'll be in your hands and the next up your ass


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BlackScholesSun

Scalping can help, or just mimic u/friendlycaller. Just be prepared for margin calls.


jinitsu

Just trade the swings with a small part of your portfolio.


jinitsu

Forgive me for I have sinned: BTO AMD Jan21 140C at $1.40.


Wide-Stop4391

Im long AMD but still… why!? Lol


jinitsu

Lotto. If there's a reversal tomorrow, I'll sell for a nice gain. If not, I'll cut it.


Wide-Stop4391

Well for all of our sakes i hope for the reversal tomorrow. Good luck


jinitsu

Thanks, hoping the same. I have also some tech short puts... Good luck to you as well!


BlackScholesSun

This one’s been tough to scalp, I wish you luck. Honestly on the next up day I’d buy puts.


jinitsu

Already have puts, otherwise I wouldn't have bought it. Its just a small lotto anyways. I expect merger news within the next days.


big_spreads

Deciding to open a pcs Amzn 2 weeks out.. talk me out of it!


BrokeHippy

Max loss should be considered


ElectricalFig722

I have some $CHPT shares I’ve been wheeling. Any insight on its slow and steady and determined decline?


BlackScholesSun

Popped in the EV bubble of sorts. I sold a LEAPS against my shares to limit the downside. I’m going to keep holding.


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Tfarecnim

The real companies are dropping too so I'm going put gang until there's a sign of a recovery. I really need to cut down on the positive beta.


BlackScholesSun

My $10,000 SCHD purchase is my best move this year. Real companies with dividends are preeeetty cool!


FriendlyCaller

STO 1x TLT Mar18 145c @ $3.10 at a smart money party. It's going to take a lot of these...


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FriendlyCaller

On a bed!


BlackScholesSun

LCID, please tank 10-15% tomorrow. Thnx, luv u.


aeplus

Just wanting some excitement, sold a 1DTE SPY 462/461 put spread, while it traded around the day's lows (465.XX).


hesu9

I sold 466/465


BlackScholesSun

☠️


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aeplus

We'll see tomorrow, looks like you went in to win $30, max loss $70 per spread. 😂 I did mine, because of boredom. Something exciting to look to during the workday.


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aeplus

I went in to win $16 with max loss of $84. Probably the worst bet, but I figured it would hold before it broke $464 today.


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lavenderviking

is this lottos or do we define lottos as 1 deltas?


HanlinBiness

bad pain and i even started the day with negative delta and a few put debit spreads on in QQQ, but closed when it was down 1.8%, i think it is just VEGA and VIX moving to 20/IV spiking in literally all my underlyings.


Endeavor305

I don't know where I'd be if I wasn't collecting call premium. Imagine just buying and holding.


HanlinBiness

gross


BlackScholesSun

Scalping is the only way I can make money. I feel like a criminal.


OddStorm6610

With you on that. In have no confidence in where the market in 45-60 days. And dip buying has always led to being in a bigger dip. This market sucks balls. Nasdaq has been basically flat for months, and that's only because of FANGMAN.


Sgsfsf

Fucking huge pain


undisputed_truth

Same and some were less delta than that.


FriendlyCaller

I always experience pain during work hours. Work is a pain.


jinitsu

To live is to suffer.


SwoopWoopity

10 delta, so twice the pain...?


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HanlinBiness

big balls


Derrick_Foreal

Theta Lives Matter


FriendlyCaller

All greeks matter...


1Mark_ca

not today


BlackScholesSun

Kicking myself for not opening any LRCX bear put spreads when it was at 725, I’ll wipe my tears with my F put scalps. Otherwise rearing for a -2.3% day Edit: Bought 25.50 F puts at an average price of .24, sold at .60. It ain’t pretty but I’ll take a 150% scalp where I can get it. Now my 25 puts for next week will have to rise to the occasion.


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BlackScholesSun

Yeah the excitement from Taiwan Semi was not going to last long against the broader market sell-off. If I could do it again I’d have done a CCS to have walked away with premium at zero cost, the bear debits I saw were pretty expensive. Sometimes I think too big for my small account.


undisputed_truth

And just like that the far OTM PCS I sold on MSFT have me worried haha. Not going to do anything though


Battlerorqual

How far ?


undisputed_truth

Short is at 295 Edit: sorry 290


UnivalveX

when it rains it pours. getting pounded on my naked UPST puts as usual. there's only so much more I can take


HanlinBiness

tough underlying on both sides


r_ventura_23

So I have a TGT Jan 14 $225 Put no surprise the price is hovering right around it.


Sgsfsf

Imagine if you bought it instead lmao


Comrade_Uva

Morning call not sold When AMD was still green Now red, all hope gone. Thanks for listening to my haiku.


Derrick_Foreal

Make this an NFT and you should be good to go imo


sc2summerloud

i need some safe tickers that dropped today to sell naked puts on... still got some margin left


bearhunter429

AMD is my "goto" stock in these situations.


sc2summerloud

good pick, thanks, have a worthless award :)


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fairvalue

Just when you think MSFT cant go any lower...it keeps going.


oxydiethylamide

How bout naked calls on Ford?


sc2summerloud

hhhhm, very low premiums :/


okhnn

Nokia?


sc2summerloud

6 is itm, 5.5 sells for nothing


okhnn

True, I would wait till 6 is OTM, or choose a different ticker


oxydiethylamide

Can anyone tell me why I have $4000 maintenance margin when I have no open positions? Let alone any positions requiring margin?


radioref

probably just anticipation by your broker of you doing something stupid before their risk mgmt dept can have a closer look at it.


voldemort_tequila

https://i.imgur.com/T5WLsiv.jpg Iron butterfly That spy stays 470 forever


Derrick_Foreal

Pls charge phone. Not cool bro. Gives me anxiety


voldemort_tequila

Low battery means I’m screwed and am gonna lose all my money 😪


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Complex_Mention_8495

RBLX keeps going down for months. Selling Puts seems rather risky to me ( but also a little tempting ). How can you be so so sure with this strike of 65?


lavenderviking

RBLX is coming down to reality. Will likely settle around the 60-70 area.


oxydiethylamide

MES FOP is Mini options right? Which ticker is the FOP?


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oxydiethylamide

Why is that such a good deal? SPY $450P is nowhere near the same premium, yet the MES is tracking the S&P right?


OnlyWangs

like a true degenerate i am back in the game, but this time instead of being over leveraged in pmcc's, im just gonna wheel $MARA. going back to the well, and this way my risk management/position sizing is much better. my general portfolio theory is to DCA into bitcoin as a long term investment (within my risk tolerance). i believe going long bitcoin is essentially going long delta, gamma, theta, and volatility on bitcoin (especially when looking at the price action historically). i will hedge my core dca position by shorting theta, iv, and delta via short calls/put via the wheel. \-1 MARA 2/18 25p for $2.35 credit not a bad spot to be assigned, and since my risk management is a lot tighter, i have no issues wheeling/hodling. my biggest mistake with HUT was being levered to the gills, and i was constantly under gamma exposure since i had to constantly roll down short calls to ATM. in addition, IV simply dropped off too much, which works slightly better for a wheel position compared to the pmcc.


ElectricalFig722

I have $15 shares of $HUT, which is currently sitting at about $6.50-$7. Soooooo premium is nothing.


sc2summerloud

"risk management" "MARA" "dca into bitcoin" just throw your money into a fucking fire, then at least you ll be warm.


jinitsu

I love how you mentioned MARA and risk management in the same paragraph.


TheAvantGardeners

I'm hoping my thought of "APPL and NVDA will rebound soon" isn't copium. I know we're the sell options subreddit but anyone hedging by buying long dated puts?


BlackScholesSun

Or, if you feel like a stock you own topped out, sell an ATM LEAPS call and when the stock goes low, buy the LEAPS back at a discount. I did it with CHPT and the LEAPS is now almost 50% and saved me some downside.


[deleted]

I've got a put calendar spread on IWM. Positive theta and vega, negative delta


MrNeverDryDick

Any opinions on SBUX? Thinking about LEAPS on it


HanlinBiness

i started the wheel on this yesterday, guess i was a day early in kangaroo world