Hello I have one long ES for June that I bought at 2393 and I always sell a call 10 points ahead to cover the put cost but now that the es is around 2347 and the options are expiring how can I roll over these options cause selling a call at 2400 won't cover the put ATM even if I go further away from the current price it won't cover so how should I rollover? Thanks
That's one sentence. And I can't tell whether you own a future, a call credit spread, March or June (or what?!?). A put got in there somehow?? {click bait.}
I don't think you have given tommcginnis enough info to comment or help you: 1. Did you buy a put? When? At what price? What was ES at the time?....... 2. Sometimes when the market went against me by a lot, rolling won't help and it was best for me to get out, cut my loss. Good luck.
Cut your losses. If I have a position that does not meet my criteria I cut and take the losses, taking a loss is part of business better get used to dealing with them. You get a tax deduction against past profits and you get your capital back to redeploy when your opportunity knocks again and you can initiate a brand new position. Hope is not a strategy.
My guess, OP bought June futures at the high beginning of March... (why June and not March? or did he roll on expiry?)... Then forgot to buy a put for insurance... and wants to do that now, but realizes he can't sell a call to cover the put expense... .... ... Wait what? Huh? Which options are expiring? Are you holding weeklies? Did you already own a put? So you made money on that no?... This thread doesn't make any sense
Here is an example for showing a trade: Bought 1 ES June Future @ 2393 Sold 1 ES Apr 2400 C @ ___ , Expires Apr 21 Bought 1 ES Apr 2300 P @ ___, Expires Apr 21 Action, quantity, contract, price, note. The most commonly used sequence. The guys can figure stuff you didn't even know you were thinking. That expiry is important because there are many variations of ES options expiring every week.