Bought shares at 26.02 and sold the Oct 21st 26.5 call for a 24.86 ($2486) per 100 shares/contract debit.
In this particular case, I'll be looking to take this off for 105% of what I paid to put it on: 1.05 x 2486 = 2610, which should yield about $120/contract in profit. I usually shoot for 110% (or a 10% ROC), but am just looking to get in and out of the trade in short order if I have a shot at it ... .
In this particular case, I'll be looking to take this off for 105% of what I paid to put it on: 1.05 x 2486 = 2610, which should yield about $120/contract in profit. I usually shoot for 110% (or a 10% ROC), but am just looking to get in and out of the trade in short order if I have a shot at it ... .
Note
Rolling Oct 21st 26.5 short call to Nov 11th 26.5 short call for a .47 ($47)/contract credit, locking in the profit from this little dip here, as well as further reducing my cost basis in my stock. I ordinarily wait right up until expiration to decide whether to roll, but am rolling here while the price of the underlying is close to my short call strike, as I intend to the hold the position through election uncertainty and the Dec FOMC decision.Note
Managing this somewhat aggressively here. Rolling the Nov 11th 26.5 short call to the Nov 18th 26 short call for a .32 ($32) per 100 share/contract credit on this dip. Cost basis now 24.07/share, so if I'm called away at $26, it will yield a profit of $193 per 100 shares/contract (excluding fees/commissions). If the IV in GDX continues to remain high (it was 43.6% as of today's close), I'll continue to roll the short call out if I can get a decent credit to do so.Note
Continuing to manage aggressively. Rolling the Nov 18th 26 short call to the Nov 18th 25 short call for a .25 ($25) per 100 shares/contract credit. Cost basis now 23.82/share (excluding fees/comms).Note
Onward with aggressive management: rolling the Nov 18th 25 short call to the Nov 18th 24 for a .26 credit.Trade closed manually
Covering here for a 23.50 credit, resulting in a net loss of .18 ($18) after fees and commissions. I have some other gold/precious metals positions on running into elections (HL and AG), and didn't want to be overweighted in that area if there is a relief rally in equities markets and a flight from risk on assets like gold.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.