todays $TSLA entry

started today long TSLA via the Jan2021 200 call as noted in previous entry. was hoping for a move up today near 260ish to be able to sell a weekly short call into earnings to reestablish the diagonal spread. sentiment on CNBC seemed to be negative so instead I opted to sell the weekly 265 call and use that premium to buy the 252.50/240 put spread. the 3legs filled for a .25credit with stock near 254

remember the delta for the Jan2021 call was 75 at entry(call option goes up about 75cents if stock goes up a dollar). so im getting upside participation until 265(the short call I sold). I wanted more downside protection than just the $5.00 or so premium that the short call was going for. if the stock sold off I would get $12.50 worth of downside protection and lower the cost basis of the Jan call.

Stock crossed 300 after hours tonight so historically its been tough to keep trying to roll that short call(the 265) up for a credit this far in the money. stock just ran too far for my taste to keep rolling out for pennies just to gain another week or two but will see how the options are priced vs next week or couple weeks out. I already lowered the cost basis of the long call via a short call sale last week. will see how everything prices out tomorrow.

never know, maybe it pulls a NFLX and gives back its gains