Jade Lizard on PLTR - My 53DTE Summer Theta PlayMany of you — and yes, I see you in my DMs 😄 — are trading PLTR, whether using LEAPS, wheeling, or covered calls.
I took a closer look. And guess what?
📈 After a strong move higher, PLTR was rejected right at the $143 call wall — pretty much all cumulative expiries cluster resistance there
Using the GEX Profile indicator, scanning all expirations:
After a brief dip, the market is repositioning bullish
Squeeze zone extends up to 150
The most distant GEX level is sitting at 160
On the downside, 130 is firm support, with some presence even at 120 — the market isn’t pricing in much risk below that
📉 From a technical standpoint:
We’re near all-time highs
125 (previous ATH) and 100 are key support levels
The OTM delta curve through August is wide, and the call side is paying well — with a current call pricing skew
🔬 IVx is at 57, trending lower + call pricing skew📉 IV Rank isn't particularly high, but the directional IVx matters more here
💡 Summer Theta Play: Jade Lizard on PLTR
Since I’ll be traveling this summer and don’t want to micromanage trades, I looked for something low-touch and high-confidence — and revisited an old favorite: the Jade Lizard.
If you're not familiar with the strategy, I recommend checking out Tastytrade's links and videos on Jade Lizards.
🔹 Why this setup?
Breakeven sits near $100, even with no management
On TastyTrade margin:~$1800 initial margin ~$830 max profit
53 DTE — plenty of time for theta to work
Earnings hit in August — I plan to close before then
Covers all bullish GEX resistance zones
Quickly turns profitable if IV doesn’t spike
Highly adjustable if needed
My conclusion: this strategy covers a much broader range than what the current GEX Profile shows across all expirations — so by my standards, I consider this to be a relatively lower-risk setup compared to most other symbols right now with similar theta strategies.
🔧 How would I adjust if needed?
If price moves up:
I’d roll the short put up to collect additional credit
Hold the call vertical as long as the curve supports it
If price drops:
Transition into a put ratio spread
Either extend or remove the call vertical depending on conditions
🛑 What’s the cut loss plan?
I have about 20% wiggle room on the upside, so I’m not too worried — but if price rips through 160 quickly, I’ll have to consider early closure.
If that happens, the decision depends on time:
If late in the cycle with low DTE:→ Take a small loss & roll out to next month for credit
If early with lots of DTE remaining:→ Consider converting to a butterfly, pushing out the call vertical for a small debit→ Offset this with credit from rolling the put upward
As always — stay sharp, manage your risk, and may the profit be with you.
See you next week!– Greg @ TanukiTrade
