TSLA - I own this car, it's amazing, but time for stock go down

The overall market showing signs of profit taking and possible issues from long term economic impacts of covid-19.

I entered a short position here today, using a bear call spread - buying PUTS on TSLA is just ridiculous, the IV is super high and the theta is way too high.

So, we do something better - SELL a call spread and take advantage of the IV crush.

Sold 850, bought 840 call spread, net credit: $3.30. Max profit: $3,300.

Plan: will close out this spread if we see this stock move with high volume over the bottom call leg, 840.



Thanks for checking out my idea!

Trade active:

still in this trade, looks like we can buy the spread back for about 1.85, so we are up approx. $1.45 on this trade, I'm going to hold until early next week to see if this breaks lower.

Plan will be close out the trade middle of next week, unless we see a major bounce up, in which case, I will close it out immdiately.