I’m holding deep ITM NVDA calls - do I take profits on my 3/22 expiry contract before earnings or wait until after? How should I be thinking about this?

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Haha this is the question. If earnings happen and the stock stays flat you will lose a lot of gains because of IV. If it booms of course you can make more money. It’s a risk reward and the likelihood it booms more than it already has is low to me but I’m holding august options with a 950 strike.

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I think IV declines the deeper you are ITM so assuming stock stays flat, there shouldnt be as volatile of a price adj on the options if they’re deep ITM.

But I assume price wont stay flat. Earnings for these stocks are major price movers

It's not a binary decision. You can sell some, roll them closer to ATM, or sell calls against them.

In my case, I constantly roll them to be roughly 60 delta, and sell enough to cap my position to be 5% of my trading portfolio. As earnings approach, I move my short calls out an additional week to catch a little more IV collapse.

I currently hold JUN 24 730 CALLS, with 8 MAR 750 Aand 760 short calls.

I am not a speculative trader. More speculative would no shorts, or further OTM. Or ATM long calls.

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If you own long calls, you can sell an equal number of calls against them. If the longs are ITM or ATM and the shorts are further OTM then there is no margin as they are "covered". When the expiration is the same date, this is a "vertical". If the longs are further out in time, it's a "diagonal". Both are called spreads. For a Diagonal, the long must have a longer duration, or be further out in time to expiration.

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One option is to sell a call that is OTM but leaves upside and buy a put (or put spread) with some of that premium. Protects some profits while leaving some upside.

Alternatively you could sell a call spread if you want some premium but want nearly unlimited upside (less the difference in strikes for the sold spread).

A less direct option would be to buy puts in SOXL or other semi ETF.

Not advice.

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My advice is to have your exit strategy planned out before initiating the position

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