Shared by
JRockTrades
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TSLA has been in an uptrend and was getting overextended. I figure a retest of the 1,000 area was likely over the next few days. I bought a put when it was trading around 1075. It traded higher but then started sharply selling from 1095 area. It went through my entry and started printing money, so I set an arbitrary target of $1000 and when that hit, I sold the put. I don't make many options trades like this, so I wasn't too sure what I should expect for profit targets. My thinking was this might take a couple days to work and when it quickly started to I couldn't pass on taking the profit.
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2021-10-26 09:53:54 | 12 NOV 21 1000 PUT | 1 | $25.850 | 1 |
| 2021-10-26 11:15:24 | 12 NOV 21 1000 PUT | -1 | $35.800 | 0 |
Comments
JRockTrades
Thanks man! It's hard to tell from the candles, but I got in somewhere in the 1070s and out in the 1030s. What surprised me was that it went against me like 20 points before reversing, but I was only down about $300 at the worst point. Really learned a lot by trying something different.
manowar41
Got it overextended play in the open 1075, scalp put. If i waited to test 1100 oh man that was the level to size in 60 point drop
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Awesome trade - It's amazing how the stock was actually at a very similar price yet the trend was changed and there was such a substantial move in the options price