Rolling those Tesla Options for more Premium

It was friday, which means expiration day for weekly options! My 205 calls on TESLA I was short were set to expire worthless so it was time to sell some more premium against my Jan 2024 175 LEAP.

Tesla you slippery devil....

Above is a 15 minute candlestick chart so we can see Friday's action. The gap up was a nice way to open and gave me the opportunity to get the price I wanted on the March 10th 202.50 calls.

So I said to myself, I will wait and watch the first 5 minute candle, if we aren't seen green come then I will book the option trade, which consisted of me rolling my March 3rd 205 (which was worth .15 cents) into the March 10th 202.50.

Note, I'm selling these for cashflow while holding my LEAP long.

I got the $3.50 net credit I wanted and Tesla poked lower for about about 10 more minutes and then as you can see the next 15 min candle was green and Tesla was higher the rest of the day, oh well. Happy with my position, but it sure would have been nice to sell the 205's instead for the same credit amount.

We shall see what next week brings, but damn the stock is only 5 bucks away from my sell side strike. It's all green either way for me though and if for some reason Tesla pulls back then these premiums I'm selling offset any lost value in the LEAP I'm long.

Having fun with this and keeps me engaged in the market once a week atleast. Still have tesla shares long for the long-term so not sweating too hard what happens with the options plays, but the plan is always to make money!

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