Well, made money on GOOG this Oct Expiration, but don't really feel all that great about it. On 20, Sep I went short the 350, long the 340 puts for a .80 credit. On 10, Oct I went short the 460, long the 470 calls for a .65 credit. On 11, Oct I went short the 390, long the 380 puts for a .85 credit. On 13, Oct I added to the 390/380 put position for a .80 credit. On expiration Friday, when GOOG was racing towards 460, I was tempted to let my 460/470 call position ride, but after sitting at 456 all day, in the last 1/2 hour she ran to 459 and change, so instead of being able to close the 460's at .15, I was only able to close at .30. So how do I feel about making $2.60 on a stock that moved $70 in one month? Stupid. I know, I know, another strategy would have kicked MAJOR tail, that's just my luck though... To those of you who employed a better strategy, I tip my hat to you. I wish I was smarter and/or had more guts.
You take what the market gives you, and be happy the market did not take from you... 2.60 credit... how many contracts? If you can't afford to buy the actual stock, as in GOOG, which most people can not, this is the way to do it. You came out ahead. Dont look back and "What if I..." Time to move on to another target. I'm looking at an Iron condor play on goog for Nov. 420/430 530/540 10 contracts would bring in approx $1100 @ exp.