Still think TITNC3: Return of the Iceberg was peak

Sold the $5 7/16's for $55 each...No doubt free money...The stock has to go up over 50% in 15 days for me to miss out on gains, however lowers my share cost to $1.66 a share for my 500 shares....No brainer...
I almost bought another 1000 just to mine the monthlies...

 

NGL, i copied your play there and 1/2 filled at $55. Not real versed in the options trading so im playing with it via the ideas here. some yolo meme stocks seem like a great place to mess with that

 

Meme stocks seems like an exceptionally bad place to try and learn options plays.

 

Sold my "long-term" stash for $13.74 today, like I should have the last time it spiked. Will re-buy when it settles back down, hopefully at something below $13.74.

 

I sold 1x at $40.

Webull said filled immediately. The way they display my position is just funky. It says -$40 and takes any deviations in that calls premium and acts like its a p/l.

So when it goes to $45, it acts like I am losing $5 since I sold it at $40.

It also subtracts the premium from my total position. So instead of $350 (100x $3.5), it says $310 (100*$3.5-40).

 

CTXR isn't really a meme stock but I'm no expert in the field...

 

Yep. Your cost is lower, and if you were to buy back the call it’s showing you how much you would lose or profit on that call

 

Hm. .

the $350 in my example was meant to be my current market value not my cost basis.

1st line is (share market value - call market value)

2nd line is my actual share position

3rd line is the sold call market value

Just strikes me as odd to display it like that. Maybe it displays like that until expiry

 

Yea. Look at it as the value of your call(bottom), + the value of your shares(middle), = the top line. So if you bought the call back and sold your shares, the top line is what it’s all worth

 

Thats normal. The important thing to remember is as the shares go Up your sold covered call will go - to balance it out. Think of the NEGATIVE numbers I got to look at with a $13 $AMC covered call sold when the stock went to $60. Oh the pain
Remember it’s all on paper. Your premium is yours to keep and if it’s below strike at expiration you keep it all.
Also if it’s in the money you can roll it to the next month or buy to close the contract.
The Ideal situation is selling a covered call for a decent premium on a spike and buying it back on a dip...repeat

 

Hm. That makes sense now. I think. lol. Thank you for the ELI5.

 

Don’t play options on meme stonks.

math doesn’t apply there lol

 

its already a gamble, so now im stacking a gamble on a gamble. thats why ill do it with meme stocks. doesent matter if i dont know wtf is going on...neither does anyone else!

i like it spicy

 

Today cleaned all of the weeks losses. Im now up $7 for the week. we need 2 more days of sideways or green for a good week.

 

hes got a point. When you don't have knowledge go for a gamble where knowledge doesn't determine the outcome. He's simply leveling the playing field, other than the fact retail investors can only do so much with some of these meme stocks. Eventually big money will do whatever they wish. If only there was a way to maybe keep big money in check on some of these meme stocks...

 

so you need ASO to not go down another day?

 

to offset my GME yes.

 

Trips done. Finished a day early. I'll post some photos later.

Guess I didn't miss much. My account is almost flat since I left. The only rockets appear to be coming from NVDA. I may get stuck rolling that JUL 16 $800 covered to DEC. Maybe not though. Still a lot of trading days between now and then.

 

fingers crossed on the DNUT IPO, i put in for 60 shares