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Option strategy when you are up well before expiry
Posted on 4/1/20 at 3:14 pm
Posted on 4/1/20 at 3:14 pm
Curious what more experienced traders do when they are up say 100% on an option well before the expiration date.
My example. I'm up ~115% on a $243 SPY Put that expires 4/6. I still think SPY has a good chance to drop quite a bit more before then, so I don't want to cash it out just yet. Would you just take the profits and run? Or is there something else I can do to mitigate losses.
My example. I'm up ~115% on a $243 SPY Put that expires 4/6. I still think SPY has a good chance to drop quite a bit more before then, so I don't want to cash it out just yet. Would you just take the profits and run? Or is there something else I can do to mitigate losses.
3
Posted on 4/1/20 at 3:22 pm to LSUFrosty
Sell the option and buy another one with a further date and lower strike price. You’re gonna get IV crushed having an option that close to expiration
Posted on 4/1/20 at 3:26 pm to Upperdecker
Appreciate the input, thank you.
Posted on 4/1/20 at 3:39 pm to LSUFrosty
you can roll down which means you close that put and open up another one at a lower skrike price
Posted on 4/1/20 at 8:53 pm to LSUFrosty
Another strategy.... Sell enough to get your $ out and gamble like hell on the houses $... A good spot to be in!!! 
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