Closing (IRA): TAN November 19th 70 Short Puts... for a .15/contract debit.
Comments: Plain Jane profit-taking here on approaching worthless. In for 1.19 on weakness and >35% implied (See Post Below); out here for .15/contract with 31 days to go in the contracts. 1.04 ($104) profit per contract. Implied isn't horrible here at 41.2%, but liquidity in the options has dropped off somewhat, and it isn't exactly "weak" anymore.
TAN
Opening (IRA): TAN September 17th 70 Short Put... for a 1.15/contract credit.
Notes: With 30-day implied at 42.8%, it's toward the top of my exchange-traded fund implied volatility screener. (The others are TQQQ, ARKK, MJ, XLE, and ARKG). Selling out in September here, as I've already got a rung on in August at the 75 strike. 1.7% ROC at max as a function of notional risk.
Opening (IRA): TAN August 20th 75 Short Put... for a 1.32/contract credit.
Comments: One of the exchange-traded funds that still has a 30-day implied of greater than 35% here (it's 38.8% at the moment) with expiry-specific at 40.3%. Unfortunately, it doesn't line up fantastically with price action; the strike is above the previous swing low around 68. However, I'm fine with taking assignment if that happens and proceeding to sell call against.
Closing (IRA): TAN May 21st 70 Short Put... for a .23/contract debit.
Notes: In for 1.93/contract (See Post Below), out for .23; 1.70 ($170) profit per contract. Options have gone somewhat illiquid versus when I put this on, so am fine with not waiting another 28 days for the small remainder of extrinsic to piss out.
Great consolidation before HUGE IMPULSE!📈Good day starts with a good trade, folks🔥
There is a great formation.
Ascending Triangle on TAN financial instrument.
There was a confident bearish movement before th consolidation.
According to Elliott Waves theory Wave D is done and now price is heading to Wave E.
However price may break support zone earlier.
That's why follow the chart and look for the breakout carefully.
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Closing (IRA): TAN April 16th 85 Short Put... for a .27/contract debit.
Notes: In for 2.31/contract (See Post Below), out for .27. 2.04 ($204) profit per contract. Was really thinking that I would have to take assignment, but this little bounce on zero day will do the trick. Still in some May 21st 70's.
The Week Ahead: WKHS, TLRY, NKLA, ACB, MJ, TAN, ICLN, IWMI'm doing a quick and dirty this week just to give me a sense of where premium is at ... .
Highly Liquid Single Name With Earnings in the Rear View Ranked by 30-Day Implied Volatility:
WKHS (27/232) (EV)
TLRY (13/193) (Cannabis)
NKLA (15/138) (EV)
ACB (6/124) (Cannabis)
SPCE (30/120) (Aerospace)
PLUG (39/113) (Alternative Energy)
NIO (41/107) (EV)
TEVA (11/103) (Pharmaceuticals)
TSLA (30/103) (EV, Alternative Energy)
NCLH (6/95) (Cruise Lines)
Highly Liquid Exchange-Traded Funds Ranked by 30-Day Implied Volatility:
MJ (39/76) (Cannbais)
TAN (47/71) (Solar)
ICLN (10/56) Alternative Energy)
KRE (9/54) (Regional Banking)
LIT (41/53) (Alternative Energy)
JETS (41/53) (Airlines)
SMH (21/46) (Semiconductor)
EWZ (7/46) (Brazil)
XLE (3/46) (Energy)
XBI (27/45) (Biopharma)
Highly Liquid Broad Market Exchange-Traded Funds Ranked by 30-Day Implied Volatility:
IWM (13/35) (Russell 2000)
QQQ (13/32) (Nasdaq)
SPY (8/24) (S&P 500)
DIA (3/22) (Dow Jones)
EFA (6/19) (Global Equity, ex. Canada/U.S.).
Opening (IRA): TAN April 16th 85 Short Put... for a 2.31/contract credit.
Notes: High 30-day at 63.7%. Going with the 17 delta strike in April. 2.79% ROC at max; 22.6% annualized as a function of notional risk. Will take profit on approaching worthless or take assignment/sell call against or roll if in-the-money toward expiry (whichever pays most).