My timing could have been somewhat better on this at the sub-12 dip, but better late than never ... .


Bought 100 Shares at 13.25
Sold Oct 21st 14 call
Whole Enchilada: 12.30 db            
Max Profit: $170 (if called away at 14)
ROC: 13.8%

Notes: I promised myself after closing out my XME             short put that I wouldn't be dipping into any more miners ... . Just couldn't help myself ... .
Comment: This thing has pulled off mightily from its 19.15 high, and the short call was approaching worthless, so I rolled it down and out to the Nov 18th 13 short call for a .27 ($27)/contract credit, further reducing my cost basis in the shares.
Comment: Rolling the Nov 18th 13 short call to the 9 short call in the same expiry for a .31 credit with the 13 call approaching worthless. Here, the short call is below my cost basis by some measure, so I will just have to continue to sell calls against to reduce my cost basis.
Comment: With the price of my shares so significantly off my purchase price (40% or so), I have a couple of options here to reduce my overall cost basis: (1) buy more shares at this lower price; or (2) sell puts, with the notion of either keeping the premium or being assigned shares at an even lower price. I'm opting for the latter here, since it eats up less buying power. Opening: Dec 16th 7 short puts for a $39 credit.
Comment: Rolling: Nov 18th 9 short call to Dec 16th 9 short call for a .38 ($38)/contract credit. It's possible that this won't hold 9 in the remaining days I've got to expiry, but I'd prefer to roll it out on this pop. If it moves significantly upward from here, I'll look at improving the short call in the next expiry cycle once that Dec 7 short put is out of the way.
Comment: Current cost basis: 10.95/share.
Comment: Covering the Dec 16th 7 short puts here for a .05 db (near worthless). I'll look and see what my cost basis is when the Dec 16th 9 short calls come off at or near worthless and/or I have to roll them out for duration. Gradually whittling away at this one, but it may take a while.
Comment: Rolling Dec 16th 9 short calls to Jan 20th 10 short calls for a .03 ($3)/contract credit on this up move. I'm not yet willing to walk away from the trade, so I don't want to be called away at 9. I don't make much headway with this move from a cost basis reduction standpoint, unfortunately.
Comment: Rolling the Jan 20th 10 short calls to the 7.5 strike for a .53 credit. Basically, I'm looking to force a call away at 7.50 and get a little bit of additional cost basis reduction in the mean time. Looking to flatten going into Jan for a broker change.
Comment: Covering: For a 7.44 credit. This is slightly better than were I to just let it get called away at 7.50, since there are fees associated with that. Loss = 12.30 db - .27 cr -.31 cr -.39 + .05 db -.03 cr -.53 cr - 7.44 cr = 3.38 ($338). Ordinarily, I would just continue to sell calls against until I could exit the trade for scratch or better.
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