$TSLA Put sale trade

22feb - on the 20th when the stock was down 40points during the day, 860-870 i believe i

Sold the Mar13 650 put at $5.35

ive had two previous profitable Put sale trades on TSLA, and a couple losers via call credit spreads. so Put sales will be my MO going forward on this name(do more of what works, less of what doesn't work). levels / events im looking at is that i start my search at the 5 delta level, crazy as that sounds since im usually in the 25-30 delta range for Put sales. also looking at days where stock is down 30+ at least in order for the premium of the Puts to pop, especially at the 5 delta level.

although selling Puts seems risky, im finding them easier to manage than credit spreads. example:

lets say a couple weeks ago i sold the Feb 28 800 Put (expires Friday). today going for about $6 and i wanted to exit this position to reduce risk. for the same premium i could roll out 2 weeks to the Mar13 650 Put... so i could roll down 150 points and for no cost. or even to the Mar13 700 Put for a $3 credit

so selling a Put is easy to manage via rolling if tested or taking some heat. my short Put takes up about $8000 of buying power/margin.

my exit targets are about 50% of max profit if it profits slowly, if i get a 30-40% of max profit win in 1-2 days i take profits since ive made the meat of the profit and can reenter on next down move.

im not looking to hit home runs and catch $50 point move to be the hero of my twitter stream, instead im looking for consistent high probability winners. many $100-$250 winners vs the $50 moves. like the Tastytrade crew says. trade small, trade often

interesting how high the stock has moved even after the secondary stock offering in the mid 700s, wonder what the lock up is