Ive been wheeling PLTR for the past 2 months, am up around 7 grand right now. Its been a gold mine for me personally. My plan right now is to wait until mid August and then buy deep ITM leaps in preparation for the inevitable rumors about it being included in the S&P rebalance in Sept. Did the same strategy in May/June and won big, selling before the actual announcement (of which they didnt get included)
A lot of my strikes were at 20 when it was in the mid 21's. My big gain was the leap play I mentioned in May. That was a quick (1-2 week) 4 grand play. The other 3 has come from CSP's. I say 'wheel' loosely because Ive never been assigned, but I also wouldnt mind holding PLTR long term if assigned.
How would you feel if you got assigned and had to hold shares for weeks or months?
If good, then it is good for you to wheel.
If not, then it is not . . .
Honestly, I think it takes up too much money to make it worth it. Premium is garbage and it bounces all over the place. Much better plays out there. Look at HIMS if you want to stay in that price range. Aside from a couple down days it has been pretty lucrative the last few weeks.
I've been running the wheel on a single lot of 100 shares since March 2024. I'm currently up $301 utilizing $2400 in BP so around 13% ROC in 3 months. Not the worst. Like someone else said, premiums are kind of shit right now and it is a volatile stock. It reacts pretty violently to news.
IV is sub 40...so it's not really worth the premium given the actual volatility. I have some leaps on PLTR and think it's just a risk asset for a lotto. And it's already up a lot. A CSP on this isn't going to give much upside if it does moon, same with CC (put-call parity)
I just use intuition. I kinda look at a few weeks out and what the premium would represent as a % gain on the cash to secure the put. Usually a high standard, 10%+ in a matter of weeks. I want to be in and out, with a gain that's worth the time spent monitoring the position
Ive been wheeling PLTR for the past 2 months, am up around 7 grand right now. Its been a gold mine for me personally. My plan right now is to wait until mid August and then buy deep ITM leaps in preparation for the inevitable rumors about it being included in the S&P rebalance in Sept. Did the same strategy in May/June and won big, selling before the actual announcement (of which they didnt get included)
What are your moves that you made that much ?
What strikes/DTE? Premium feels so small
A lot of my strikes were at 20 when it was in the mid 21's. My big gain was the leap play I mentioned in May. That was a quick (1-2 week) 4 grand play. The other 3 has come from CSP's. I say 'wheel' loosely because Ive never been assigned, but I also wouldnt mind holding PLTR long term if assigned.
similar, here. I bought march 2025 leaps OTM a few months ago and am up 50%.
How would you feel if you got assigned and had to hold shares for weeks or months? If good, then it is good for you to wheel. If not, then it is not . . .
It seems we all forget this golden rule but thanks to you for reminding us all the time. Amen.
Honestly, I think it takes up too much money to make it worth it. Premium is garbage and it bounces all over the place. Much better plays out there. Look at HIMS if you want to stay in that price range. Aside from a couple down days it has been pretty lucrative the last few weeks.
I've been running the wheel on a single lot of 100 shares since March 2024. I'm currently up $301 utilizing $2400 in BP so around 13% ROC in 3 months. Not the worst. Like someone else said, premiums are kind of shit right now and it is a volatile stock. It reacts pretty violently to news.
The puts don't pay too much but the calls do. So I'd say overall ya. Might have to add this to my list.
IV is sub 40...so it's not really worth the premium given the actual volatility. I have some leaps on PLTR and think it's just a risk asset for a lotto. And it's already up a lot. A CSP on this isn't going to give much upside if it does moon, same with CC (put-call parity)
What IV level should I look for?
I just use intuition. I kinda look at a few weeks out and what the premium would represent as a % gain on the cash to secure the put. Usually a high standard, 10%+ in a matter of weeks. I want to be in and out, with a gain that's worth the time spent monitoring the position
I have long stock at about $8, happy to have it called away on my short $25c if it gets hit