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You thought NFLX was going to flush didn’t you?
Selling a naked call, I see you like to live dangerously.
What was your thought process going in? How much options experience do you have leading up to this point? What did you tell your brokerage to have them let you have so much rope?
SEM1 mistakes happen. When I sold this call, NVDA was $150 away.
You are at risk of getting called the shares anytime. I think you probably want to buy a ATM call now to hedge out further downside risk. And then consider rolling the short call strike up if there is a pullback.
Letting a position move that far against you is a huge mistake. Learn the lesson that short vol plays require disciplined risk management. You should first consider selling spreads next time that limit your downside risk. You should also look at price levels where the market tells you you’re wrong and set those as stops to prevent small losses from becoming big losses.
Here, you choices are basically close the position and take the loss, roll the option (which will likely create a loss) or buy a call to create a spread and limit further damage to your portfolio.
Like a naked call you sold? Oof. Nothing to do but close IMO it’s a limitless risk trade
Do you see a chance for the stock to hit resistance and drop in price? If so, roll it out farther in time and in strikes (preferably for a credit).
If you think the stock has more room to run upwards, you could close it and take the other side with a leap put. Calculate your buying power and premium impact once you come to a decision on what the underlying will do.
Mentor
Please give the ticker and details. It's too abstract to help except in generic terms. It's anonymous, so we can help you without embarrassing you.
Mentor
So you don't have a LEAPS CALL, you are SHORT a CALL?
just curious whats the % loss because im sure those nvda calls went brrrrrr