NaughtyPines
Short

TSLA BEARISHLY SKEWED SHORT STRANGLE

NASDAQ:TSLA   TESLA INC
Because I have the buying power available, I'm going to attack TSLA             via short strangle.

I'm going to skew it slightly bearish and go a bit wide, with the short call above the 1 SD             line, but with the short put between the 1 and 2 SD:

Nov 13th 175/242.50 for a 2.21 credit
POP%: 81%
Max Profit: $221/contract
BPE: ~$2135
BE's: 172.79/244.71

If you go the iron condor route, put your long strikes 2-3 strikes out from your short calls and look to take off at 50% max profit. I'm also going an additional week out to allow some flexibility for rolling should the thing blow up in my face.

Related Ideas

Out of the call side for a .50 debit. 2.09 - .05 - .50 = 1.54 profit per contract (excluding fees/commissions; i.e., $154).
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Out of the put side ... . Waiting for 50% max on the call side.
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After the announcement, the short put is worth only .05, so I'll try to take that off tomorrow. The call side I'll look to take off at 50% max ... .
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Filled, but only for a 2.09 credit, as volatility contracted a little bit in the afternoon ... . Will take off for 50% max. Shares are up 20.68 in AH hours trading to 229.03, so I should be good to go if 230-ish holds ... .
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