For example, if you hold 100 shares of Tesla, you could
1: Buy 1 March 14th 350 call for $19.5
2: Sell 2 March 14th 380 call for $9.5
The net cost of the above transaction is $0.
If Tesla rise to 380 before 3/14, you can take the max profit of all the spread, which is $3000. You breakeven point would be 410 --- the loss on the covered call will equal to the gain on the spread. In this case, you just close both positions with no profit, but the underline stock is now 410 so you are still better off.
This strategy allows you to essentially buy the call spread with zero cost for this short term bounce.
I did this yesterday on 340/370, but I think it is not too late to play 350/380
You also want to balance the time value and maturity date.
In the example I gave above, if TSLA rise very quickly to 400, you will not gain much, and could even lose a small percenage on those option positions, because March 14 calls would still have lots of time value left (ie, spread will not be big enough to make a profit). If you are worried about that, you want to play with shorter term maturity such as Feb 28 --- The trade off there is that you will not be able to spread 30 points but only 15-20 points.
Regardless, this strategy is a low risk play to catch a short term bounce, and you have to decide if you bet on very quick and short bounce, or a 2-3 weeks bounce :)
https://www.tipranks.com/news/boeing-nyseba-goes-full-blast-makes-huge-delivery-run
三心大侠，如果tsla周5能收在380以上，短期前景是不是变得比较乐观了？
标准就是标准 ～ 大侠是投坛的标杆（技术好人品也好，所谓 德艺双馨 不过你 年龄和在投坛资历未必达标
）
For example, if you hold 100 shares of Tesla, you could
1: Buy 1 March 14th 350 call for $19.5
2: Sell 2 March 14th 380 call for $9.5
The net cost of the above transaction is $0.
If Tesla rise to 380 before 3/14, you can take the max profit of all the spread, which is $3000. You breakeven point would be 410 --- the loss on the covered call will equal to the gain on the spread. In this case, you just close both positions with no profit, but the underline stock is now 410 so you are still better off.
This strategy allows you to essentially buy the call spread with zero cost for this short term bounce.
I did this yesterday on 340/370, but I think it is not too late to play 350/380
这个策略在震荡上升段应该不错。如果到了450以上，则可用你过去几次提到的put spread保护盈利。
You also want to balance the time value and maturity date.
In the example I gave above, if TSLA rise very quickly to 400, you will not gain much, and could even lose a small percenage on those option positions, because March 14 calls would still have lots of time value left (ie, spread will not be big enough to make a profit). If you are worried about that, you want to play with shorter term maturity such as Feb 28 --- The trade off there is that you will not be able to spread 30 points but only 15-20 points.
Regardless, this strategy is a low risk play to catch a short term bounce, and you have to decide if you bet on very quick and short bounce, or a 2-3 weeks bounce :)
这种组合的好处是正theta的，也就是时间流逝对你有利，可以放心多持有一段时间。
对call ratio而言，如果开仓后不久股价就上升，表面上这个组合会亏损（因为组合是负delta的)，但如果不是涨的很剧烈，可以不用担心，随着时间流逝，P&L会慢慢变友好。
那种时候要对冲保持delta neutral的话只能高买低卖。
我给自己定的原则是short call必须有正股或leaps call covered。理论上的unlimited max loss让我夜不能寐。万一出现GME那种疯狂挤空呢。 :)
不过书上说，ratio CC可以在开仓的时候设个正股的 stop-limit buy order，在股价达到strike or BE的时候自动买入正股。 我没试过。