Many of you — and yes, I see you in my DMs 😄 — are trading PLTR, whether using LEAPS, wheeling, or covered calls.
I took a closer look. And guess what?
📈 After a strong move higher, PLTR was rejected right at the $143 call wall — pretty much all cumulative expiries cluster resistance there
Using the GEX Profile indicator, scanning all expirations:
📉 From a technical standpoint:
💡 Summer Theta Play: Jade Lizard on PLTR
Since I’ll be traveling this summer and don’t want to micromanage trades, I looked for something low-touch and high-confidence — and revisited an old favorite: the Jade Lizard.
If you're not familiar with the strategy, I recommend checking out Tastytrade's links and videos on Jade Lizards.
🔹 Why this setup?
My conclusion: this strategy covers a much broader range than what the current GEX Profile shows across all expirations — so by my standards, I consider this to be a relatively lower-risk setup compared to most other symbols right now with similar theta strategies.
🔧 How would I adjust if needed?
If price moves up:
If price drops:
🛑 What’s the cut loss plan?
I have about 20% wiggle room on the upside, so I’m not too worried — but if price rips through 160 quickly, I’ll have to consider early closure.
If that happens, the decision depends on time:
If late in the cycle with low DTE:→ Take a small loss & roll out to next month for credit
If early with lots of DTE remaining:→ Consider converting to a butterfly, pushing out the call vertical for a small debit→ Offset this with credit from rolling the put upward
As always — stay sharp, manage your risk, and may the profit be with you.
See you next week!– Greg @ TanukiTrade
I took a closer look. And guess what?
📈 After a strong move higher, PLTR was rejected right at the $143 call wall — pretty much all cumulative expiries cluster resistance there
Using the GEX Profile indicator, scanning all expirations:
- After a brief dip, the market is repositioning bullish
- Squeeze zone extends up to 150
- The most distant GEX level is sitting at 160
- On the downside, 130 is firm support, with some presence even at 120 — the market isn’t pricing in much risk below that
📉 From a technical standpoint:
- We’re near all-time highs
- 125 (previous ATH) and 100 are key support levels
- The OTM delta curve through August is wide, and the call side is paying well — with a current call pricing skew
- 🔬 IVx is at 57, trending lower + call pricing skew📉 IV Rank isn't particularly high, but the directional IVx matters more here
💡 Summer Theta Play: Jade Lizard on PLTR
Since I’ll be traveling this summer and don’t want to micromanage trades, I looked for something low-touch and high-confidence — and revisited an old favorite: the Jade Lizard.
If you're not familiar with the strategy, I recommend checking out Tastytrade's links and videos on Jade Lizards.
🔹 Why this setup?
- Breakeven sits near $100, even with no management
- On TastyTrade margin:~$1800 initial margin ~$830 max profit
- 53 DTE — plenty of time for theta to work
- Earnings hit in August — I plan to close before then
- Covers all bullish GEX resistance zones
- Quickly turns profitable if IV doesn’t spike
- Highly adjustable if needed
My conclusion: this strategy covers a much broader range than what the current GEX Profile shows across all expirations — so by my standards, I consider this to be a relatively lower-risk setup compared to most other symbols right now with similar theta strategies.
🔧 How would I adjust if needed?
If price moves up:
- I’d roll the short put up to collect additional credit
- Hold the call vertical as long as the curve supports it
If price drops:
- Transition into a put ratio spread
- Either extend or remove the call vertical depending on conditions
🛑 What’s the cut loss plan?
I have about 20% wiggle room on the upside, so I’m not too worried — but if price rips through 160 quickly, I’ll have to consider early closure.
If that happens, the decision depends on time:
If late in the cycle with low DTE:→ Take a small loss & roll out to next month for credit
If early with lots of DTE remaining:→ Consider converting to a butterfly, pushing out the call vertical for a small debit→ Offset this with credit from rolling the put upward
As always — stay sharp, manage your risk, and may the profit be with you.
See you next week!– Greg @ TanukiTrade
Trade active
06/25 update after 3 daysYesterday (three days after opening the position), since we were grinding upward within a 5–10 point range, I decided to adjust the short put leg slightly, moving it 5 points up for an additional $80 in credit. Naturally, this increased the max profit, and it also helped me maintain the slightly net delta negative exposure—which was my original intention.
I’m watching how GEX is evolving: it’s clearly tightening, so a price move is imminent. The 143 price level is still acting as call resistance. We entered the positive gamma squeeze zone, but the stock gave back some gains—it’s clear that the momentum is fading.
That’s actually good for my position. This is where things stand right now—let’s see how it develops from here.
(Comment: SPX is sitting at all-time highs—now it needs to pick a direction...)
Trade closed: target reached
07/21 update at 25DTEI closed the position today with a $207 profit
A slight pullback could have brought in more profit, and the GEX levels still looked solid, too!
Reasons behind my decision:
- There were only 25 days left until expiration, approaching the 21 DTE mark, which means increasing gamma risk. Ideally, this week the trade would have required more active monitoring — but that’s not possible right now as I’m traveling and on vacation with my family.
- Implied volatility started to rise due to the upcoming earnings report, which is unfavorable for this strategy, so that also supported the decision to close.
This was a calm, low-stress position, and I’m satisfied with the outcome.
Given the time I spent on it, it was a simple theta play with a wide breakeven range, two minor adjustments, and a mechanical structure — exactly the kind of trade I like, because it consumes virtually none of my time.
Boost up your charts with Options PRO!
REAL Options metrics for over 200+ liquid US symbols:
✔ 𝗔𝘂𝘁𝗼-𝗨𝗽𝗱𝗮𝘁𝗶𝗻𝗴 𝗚𝗘𝗫 𝗹𝗲𝘃𝗲𝗹𝘀
✔ GEX ✔ IVRank ✔ CALL/PUT skew ✔ Volatility✔ Delta curves
👉 7-day TRIAL 🌐 TanukiTrade.com
REAL Options metrics for over 200+ liquid US symbols:
✔ 𝗔𝘂𝘁𝗼-𝗨𝗽𝗱𝗮𝘁𝗶𝗻𝗴 𝗚𝗘𝗫 𝗹𝗲𝘃𝗲𝗹𝘀
✔ GEX ✔ IVRank ✔ CALL/PUT skew ✔ Volatility✔ Delta curves
👉 7-day TRIAL 🌐 TanukiTrade.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Boost up your charts with Options PRO!
REAL Options metrics for over 200+ liquid US symbols:
✔ 𝗔𝘂𝘁𝗼-𝗨𝗽𝗱𝗮𝘁𝗶𝗻𝗴 𝗚𝗘𝗫 𝗹𝗲𝘃𝗲𝗹𝘀
✔ GEX ✔ IVRank ✔ CALL/PUT skew ✔ Volatility✔ Delta curves
👉 7-day TRIAL 🌐 TanukiTrade.com
REAL Options metrics for over 200+ liquid US symbols:
✔ 𝗔𝘂𝘁𝗼-𝗨𝗽𝗱𝗮𝘁𝗶𝗻𝗴 𝗚𝗘𝗫 𝗹𝗲𝘃𝗲𝗹𝘀
✔ GEX ✔ IVRank ✔ CALL/PUT skew ✔ Volatility✔ Delta curves
👉 7-day TRIAL 🌐 TanukiTrade.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.