If you closed the trade at 160 it's a good trade. See how easy it is to post in almost real time. Kudos
I didn't close anything...it hit 160? My spreadsheet is telling me if I close the position now I will only be up $900. (1700-2800=-1100) + (160-138=2200) So that's less than the premium I've already collected. Sure it could continue up, but no guarantee...and if I want to close it out, I have to do two separate transactions. Knowing my luck the internet will drop as soon as I close the short call and price will tank lol. This trade works at maximum profit if I get shares called away @ expiration so I collect $3900. (1700 + 2200=3900) Delta for the DEC27 160 call is .58 160-148=12*.56=6.78+17=23.78 (bid)
Sorry I misunderstood. You said your target was 160 or better and you were asking me to comment on the trade so I thought you might have closed it. It's not a trade until it's closed. Let us know how it goes. You never know, it might gap down tomorrow.
Doesn't matter. The name of this game is maximum premium. If I get paid to let my stock go it's a bonus. I rarely close short calls early because you are cannibalizing your own profits, as you can see in this example.
I was like wtf happend to MSTU price...apparently they did a 10/1 split today so I think that's a good thing for margin as far as selling premium...but no idea where my position is at right now... itm on covered call. Do they not have to announce a split prior or can just drop it on you? 1 contract @ 160 strike for $17 will become 100 contracts @ 16 strike for $1.70 If my shares aren't called away on Dec27 maybe I'll just hold them...they say after a split 50% of the time price returns to the pre-split price within 3 years.