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

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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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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Out of the put side ... . Waiting for 50% max on the call side.
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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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