How to get out of Tesla short put positon

i sold put option on Tesla on 490 expires on March 20. I don't have too much cash to buy back. What's the alternatives? Thank you so much.

 

Either way, you will take a very large loss unless, TSLA goes up. If you do not have cash, you will get a margin call because you have a liability to sell TSLA at $490 and that will be exercised. There are 4 trading days left. I do not know if your broker will wait that long. If TSLA continues to go down, the losses will pile up.

 

Cover at mkt. I think we'll touch 490 this week but WTF knows. There are no repair strategies.

 

will be a good idea to buy back and sell for the lower strike next week?

 

• You do have enough cash to buy TSLA?
• I assume you would need enough margin to open such a position in the first place.
• Some people have come up with the idea of: short put > covered call > short put > covered call > repeat.

 

will people willing to sell their Tsla stock at 490 now?

 

why are these posts always made by some 2 or 3 post turkey????

are they trolls, or existing users afraid to admit a loss ??

 

ans: dont sell puts

and if someone on reddit tells you to, tell them gfy

 

I shorted the stock directly, covered this morning around $480! Will short again if it every skyrockets to infinity

 

Absolutely not, unless you can afford to loose more.