The volume of the first day this thing started to move a week ago vs today, its higher. The selloff this morning while BTC was staying steady spooked me a little bit so I sold off my LEAPS and a few calls that were already in a profit. Going forward, I'm just going to go with more of a neutral strategy, expecting that one day where we get a big selloff. With the current price action and volume though, it might not come. We do have to expect it though and not give back the majority of our gains.
This is my strategy until something changes:
Put and Call side Back ratios:
Sell 1 Put at the money, 2 at a distance away where I can either do it for no cost or a small credit. Same thing on the Call side.
The risk on this strategy is if the stock doesnt move the $10 a day. Essentially i will end up with one extra call or put in the direction of the movement. Opening of the next trading day, I'll make adjustments, if it keeps going in a direction I can eventually buy back the short calls/puts and have free ones to cover retracement. I'll cover the in the money spreads as needed and re-establish
At this point I'm still long on it until it stops going up!
This is my strategy until something changes:
Put and Call side Back ratios:
Sell 1 Put at the money, 2 at a distance away where I can either do it for no cost or a small credit. Same thing on the Call side.
The risk on this strategy is if the stock doesnt move the $10 a day. Essentially i will end up with one extra call or put in the direction of the movement. Opening of the next trading day, I'll make adjustments, if it keeps going in a direction I can eventually buy back the short calls/puts and have free ones to cover retracement. I'll cover the in the money spreads as needed and re-establish
At this point I'm still long on it until it stops going up!