I am always surprised by bearish authors on SA when they say they own long term puts on Tesla. That is one ineffective way to play the stock, not to mention time isn't on your side. So I will propose 3 different option plays when you can sing, "time is on my side, yes it is." These are mostly bearish plays and we assume the stock will go sideways, moderately up or less moderately down in the next 6 months. 1. Selling vertical calls. Not to get caught in an Elon tweet, wait until the stock runs up a little and sell 50 bucks above the current price. 2. Selling Iron Condors. More neutral play, but it doesn't have to be symmetric. Since we are bearish the put side can be further away. Also it doesn't need to be opened at once, sell the call side on an upswing and the puts on a downswing. 3. Selling Covered Puts. Almost nobody is using this strategy, but since TSLA is right now more bearish but still having staying power, a CP strategy gives you profit even when the stock stays at the same level. And in the case of Elon introducing the EV version of the perpetuum mobile, you are protected up to the put premium, what is quite fat nowadays...
IMO ............Selling options on a volatile stock is foolish. You want to be a buyer of OTM weekly options for short term trades of less than 5 days. I recommend buying calls.