STC
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SAVE Call Spread Expires today ($4.5 short $5 long 200 contracts, prem $3k). Alternatives
Conditional order in TWS - close a position if another position is closed
Profit on put vertical spreads and closing them
ASLE - AerAware STC approved afterhours
use multi leg option to "transfer" funds from traditional to tax advantaged?
VIX Ratio Call Diagonal | +$7,400 / 33% Return in 15 days
$ASLE DD: AerAware is a revolutionary technology with imminent FAA approval, and it is not priced in
Partially Filled lots on same order counted as different tax lots - Robinhood
Lowest commission broker for index options (VIX/SPX/NDX/etc...) ?
Award Winning Canadian Tech Leader and Recent 69% Winner ShiftCarbon Inc. (CSE: SHFT) Released Blockbuster $5 Million USD Revenue News
Shiftcarbon Launched A New MRV Automation Platform (CSE: SHFT, OTC PINK: SHIFF)
ShiftCarbon details US$5M engagement with solutions by STC; initial roll-out of Focused Footprint
Financial Services Stocks Moving Up and Down Thursday: SLQT, YRD, OFSTF, RE, BTCS, CS, STC, HUT
$META, 390 Contracts 100.00 P for 13x Gain | 10K --> 129K
Legging out of far OTM bull put spreads into cash secured put.
09/15 AMZN 3 bagger daytrade // Or why you always follow the volume
Technical Study - Best indicators for entering weekly options trades
5 BAGGER MRNA DAY TRADE BREAKDOWN / OR HOW I REDEEMED A BAD TRADE
$SPCE rockets canceled then the countdown to the moon! $15,858 loss turned into $432,030 gain within a day.
$SPCE took me to SPCE. ~20k loss at EOD 6/24 to ~$480k Gain EOD 6/25
Low DTE Low Delta Credit SPX spreads with a stop loss??
Newbie gets first big options trade on AMC- I believe the thanks goes to you Degenerates
Check out 4-soft! New tech start-up company that recently released a coin! Seems like a good company to jump into early!
Follow up to my long strangle hypothetical post from yesterday; here is my real world example.
Can we discuss warrants ? I mean isn’t this a good way to insulate pricing for long plays ?
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Hypothetical market correction with the usage of PUTS
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Mentions
STC 8x tsla 9/5 345c @1.85; 3 -> 1.85; 38% loss
Nope. Support failed. STC 3x TSLA 9/5 347.5c @5.72ea; 7.8 -> 5.72; 26% loss
My STC order cancelled last night…. Would have stop loss at 14.14……
STC last SPXW 0dte 6440p @6.70; 5x5.9 -> 4x6.5 + 6.7; 29.5 -> 32.7; 11% profit
STC 4x SPXW 0dte 6440p @6.50; 5x5.90 -> 4x6.50; 29.5 -> 26; still holding one put
\> You buy ten contracts on Day 1 and hold overnight. You are the only buyer, your ten contracts are the only volume for the day. No other buyers or sellers. Day 2, OI of 20. Maybe, maybe not. If the current owner of 10 existing options sells them to you, the OI remains at 10. (BTO+STC means that there is no change in the number of existing contracts). If your counterparty is selling to open, then OI becomes 20.
When you take a position, you either BTO or STO. When you close it, you either BTC or STC.
STC that single HAS 11/21 75c @9.18; 7.1 -> 9.18; 29% profit
STC at 12.9; dammit should have just sat on my hands. lol 19.2 -> 12.9; 33% loss.
STC 2x CRM 8/22 242.5 @5.0ea; filled at 10am… 4.25 -> 5; 18% profit. Happy to be out before JPOW.
STC 3x OPEN 8/29 3c @0.77ea; 0.54 -> 0.77; 43% profit
STC last SPY 8/22 640c @1.17; 3x0.99 -> 2x1.72 + 1.17; 55% profit SPX/SPY play opened yesterday - final outcome; (3x0.99) + (3x0.55) + (2x1.05) -> (2x1.72 + 1.17) + (2x1.39 + 1.97) + (2x1.45); 6.72 -> 12.26; 82% profit overall. Not bad.
STC the last spy 8/21 638c @1.97; 3x0.55 -> 2x1.39 + 1.97; 188% profit. Still holding one last Friday 640c as a runner
STC 2x SPY 8/21 638c @1.39ea; 3x0.55 -> 2x1.39; 68% profit overall plus one runner. STC 2x SPY 8/22 640c @1.72; 3x0.99 -> 2x1.72; 16% profit overall plus plus one runner
STC 2x SPXW 0dte 6395c @1.45ea; 1.05 -> 1.45; 38% profit
My tingling bits agree but we’ll see. I’m taking stops off my puts cuz MM gonna pump it hard probably to shake out the folks who jumped on puts yesterday. But then it’s gonna drop it like it’s hot. Hoping to hold and STC Friday for the big juice.
STC 3x SPXW 0dte 6410c @8ea; 6.5 -> 8; 23% profit
Oops. STC SPX 0dtes @2.7ea; 6.8 -> 2.7; 60% loss.
Me too. Gotta be ready to hit the STC quick though.
Any of the above. You also have 2 legs you can adjust. You didn't give the exact expirations, so I made assumptions. BTC SEP 270C STO NOV 310C STC JAN 2027 230C BTO JAN 2027 260C 3.27 credit.
Bah… too little movement. STC 8x tsla 8/22 350c @1.86ea; 2.64 -> 1.86; 30% loss
If there is time premium remaining, it makes sense to sell to close long options. It makes the most sense to try to close the spread for at least a breakeven or a very modest debit. If the time value is negative, you could place a STC order there is much incentive for anyone to give you full value. Then, discount arbitrage is a possibility. For a sinlge option, it's aa no brainer. For a spread, it's a bit more complex because of leg out risk. If the spreads are wide and it's a large haircut then the best approach would depend on what the quote was for each leg.
broke down instead of up. Ah well. STC 3x SPXW 0dte 6465c @1.85ea. 5.1 -> 1.85; 63% loss Also STC 3x SMCI 8/15 46c @0.28ea; 0.91 -> 0.28; 69% loss
Ah well. STC 5x SPXW 0dte 6480c @0.1 each 0.6 -> 0.1; 83% loss. Ah well it’s called a lotto for a reason. ;)
This is not necessarily true. When dealing with larger orders, liquidity of available options (BTC or STC) impacts the rate of return. Said another way, there may not be enough options on the market (book depth) to close your position at the mark, thus you may have to reduce your profit to close your entire position.
STC 4x SPXW 0dte 6415c @8.3ea; 7.5 -> 8.3; 11% profit. Quick scalp. In and out. 20 minute adventure.
STC that single GLD 8/15 313c @1.34… 4.11 -> 1.34; 63% loss. Ah well.
STC last TSLA 8/15 350c @5.49 5x2.08 -> 4x4.08 + 5.49 10.4 -> 21.81; 110% profit
STC 4x TSLA 8/15 350c @4.08 5x2.08 -> 4x4.08; 10.4 -> 16.32; 57% profit plus one runner
STC 2x IBIT 8/15 66c @1.06ea; 1.43 -> 1.06; 26% loss. STC 2x JD 8/15 30c @1.78ea; 2.11 -> 1.78; 16% loss. Just want to reset and watch for a bit
STC other SPY 8/7 634c @0.30 2x1.25 -> 3.01+0.30 2.5 -> 3.31; 32% profit overall.
STC one SPY 8/7 634c @3.01 2x1.25 -> 3.01; 2.5 -> 3.01; 20% profit overall plus one runner I will watch till later today.
IBKR did not exercise your short puts. The owner did and IBKR notified you of assignment. Deep in-the-money options often trade below intrinsic value. This means that the put owner might not be able to sell the put for its full value. He could attempt price improvement but there's little incentive for anyone to give you intrinsic value, particularly with illiquid options. And while waiting for a possible trade fill, the price of the underlying could move against him and he'd lose some of the premium. So that leaves two choices: 1) Try to minimize the haircut and by selling for 5-10 cents below intrinsic value 2) To avoid the haircut, do a discount arbitrage. Short the stock and then immediately exercise the long put to acquire the stock, netting the difference. Shorting the stock first avoids leg out risk. If you own discounted puts, buy the stock first and then exercise. (Or, the owner had a profitable combo order such as a spread and was closing it via exercise). Yes, you could have carried the short shares for 3 days. AAPL's carry cost is low. Another possibility which I have done numerous times when I expected a quick recovery was to STC the deep ITM put ($217.50 here) and convert the position to put protected stock by buying an ATM put ($202.50). Yes, it adds some risk but the upside is far larger than your put protected short stock (stock + $217.50 put).
STC @19.30; 44% profit. 0dte plays today; 10.20 + 13.4 -> 2.95 + 19.30; 23.6 -> 22.25; 6% loss. Not great but not the worst.
STC arkk puts @0.92; 1.30 -> 0.92; 29% loss. BTO 1x SPXW 6325c @10.20
STC unless you cant sell them above the intrinsic value. I imagine itm calls for asts with that much time has no liquidity but idk.
STC SMCI 8/8 56c @4.51; 3.9 -> 4.51; 16% profit. Just holding these two cheap JD 8/15 calls at this point…
STC PLTR 8/8 165c @8.5; 7.15 -> 8.5; 19% profit.
STC 2x SPY 8/4 626c @2.16ea; 1.88 -> 2.16; 15% profit. STC TSLA 8/8 305c @9.15; 6.95 -> 9.15; 32% profit; Still holding my SMCI 8/8 56c @3.9
STC 1x SPX 0dte 6220p @16.40; (self regulated stop loss); 15.20 -> 16.40; 8% profit
STC 5x SMCI 8/1 60c @2.21ea; 3.91 -> 2.21; 43% loss. Ugh
Rolling this weeks smci calls into fewer to add to next week. STC 5x SMCI 8/1 60c @0.95ea; 3x2.39 + 2x1.96 -> 5x0.95; 11.09 -> 4.75; 57% loss; BTO 2x SMCI 8/8 61c @3.42ea; 2x4.30 + 4.11 + 2x3.42; 3.91 avg cb
I appreciate the spirit. $LULU 1.16.26 210 if she hits 205. STC is at the discretion of the holder.
I have never traded SPX and plan to at some point but had an interesting experience trading GOOGL at the close on a Friday a few weeks ago. I saw that GOOGL was rallying after 3:30 and saw that $2 OTM calls were .01 so I bought some just to see what would happen. They turned profitable pretty fast but the price was jumping around quite a bit so I set a STC limit order for .10 and went on to look at some other charts. Very quickly the order filled for a 9x gain which was surprising to me. I don’t think I had ever had a 9x gain before and wish I had went all it instead of just playing this as a test. But what really blew me away was when the session ended and I looked at the final price of the call: 3.41! Had I have stayed in the trade it could have gained 340x. Of course, I realistically could have not held it for that long due to the challenge of selling to close a 0DTE so close to session closing. That would be a different situation on SPX since it cash settles. So I see the potential for huge gains into the close that your mentor is getting. I’d be interested to learning more about him.
STC last smci 8/8 54c @6.55; 3x3.15 -> 2x6.44 + 6.55; 9.45 -> 12.88; 106% profit
STC 3x spy 7/28 638c @0.34ea 0.96 -> 0.34; 65% loss. Thetagang wins again
OSCR might be at the bottom of a channel and might rebound, but I don’t have a huge amount of confidence in the healthcare sector over the next week so i’m going to cut my losses and consider re-entering closer to the earnings report date STC 8x oscr 8/25 13c @1.59ea; 5x2.52 + 3x2.07 -> 8x1.59; 18.81 -> 12.72; 32% loss
STC 2x smci 8/8 54c @6.44ea; 3x3.15 -> 2x6.44; 9.45 -> 12.88; 36% profit on the position overall plus a free runner that I’m going to ride his house money.
Yeah thanks, I was looking into the difference between a STC and STO and got confused so I resorted to Reddit lol
STC'ing mine in the first 10 min of the trading day. Definitely not holding till the earnings call. That's not a good plan.
STC 3x OSCR 8/8 14c @1.88 1.72 -> 1.88; 9% profit… just like the rise today and I’m not sure if I want to wait until August
STC 3x 7/25 OPEN 3.5c @1.17; 1.01 -> 1.17; 16% profit Just looks risky to hold
STC 1x TSLA 7/25 325c @17.51 13.00 -> 17.51; 35% profit.
Part of strategy is BTO, then STC, then BTO a higher strike price on the same day. That way I don't miss out if the rally continues. Working out very well with QS and RKLB so far. The key is find out a method that works for you and keep at it until the milk runs dry.
Holding runners doesn’t always work out well. But I am still happy with the outcome overall. STC last 2x JNJ 7/18 165c @0.14ea … 5x0.72 -> 3x1.53 + 2x0.14 3.6 -> 4.87; 35% profit
This is a very common experience for new traders. There are a couple of things you could do better: 1. Stop looing at the "account is showing +800". That is a meaningless number, with respect to your options portfolio anyway. The bid/ask spreads are much wider than for stocks or funds, so you can't trust your broker's quoted gain/loss numbers, which are likely based on the mark (midpoint of bid/ask). Instead, look only at the bid if you are selling and the ask if you are buying. Those are the market prices and are much closer to what you are likely to get. If the spread is $5.00/$7.00, and you bought at $5, your broker will show a "+$100 gain". Bullshit. If you use the bid, you see that you may not have a gain at all. 1. Similarly, don't just set your limit at the mark and expect to capture gains. **It's an auction**. If it's an active auction, single offers almost never win, because someone will make a higher offer before you can blink. If it's an inactive auction, which is the more common case for most contracts, market makers will have their profit margins built into the spread. Unless the spread is very narrow, like $0.05, you're never going to fill at the mark. If you do, you can be sure you paid too much (if buying) or left money on the table (if selling). Instead, you have to actively make bids/offers that are gradually more favorable to the MM, until they bite. Say you are trying to sell to close on a penny increment contract and the spread is $4.00/$4.40, so the mark is $4.20. You can start with a STC at $4.20, but it doesn't fill within *10 seconds*. Take that order down, replace it with an offer that is one increment better for the MM. Since this is a penny increment contract, you're next offer will be $4.19. If it were nickel increment, it would be $4.15. Again, wait 10 seconds, take down the order if not filled. Repeat this inching along the spread until you find the target price the MM is looking for. Note that this takes time and the underlying may move favorably or unfavorably. If it moves favorably, you may leave money on the table. If it moves unfavorably, you have to up your game and use more than the unit increment. You might have to skip your order's limit by $.03 or $.12, depending on the action on the underlying and the impact of that action on the contract's auction. More detailed explainer here: https://www.reddit.com/r/options/wiki/faq/pages/mondayschool/yourorders
Reddit ded? STC 3x JNJ 7/18 165c @1.53ea … 5x0.72 -> 3x1.53; 3.6 -> 4.59; 28% profit overall plus two runners.
Reddit ded? STC 3x JNJ 7/18 165c @1.53ea … 5x0.72 -> 3x1.53; 3.6 -> 4.59; 28% profit overall plus two runners.
Reddit ded? STC 3x JNJ 7/18 165c @1.53ea … 5x0.72 -> 3x1.53; 3.6 -> 4.59; 28% profit overall plus two runners.
Does Schwab cancel STC limit orders if the limit is too high or something? To prevent volatility, or what?
a STC limit order got cancelled at 8:26 AM 07/16/2025 without me taking any action. Submitted order yesterday evening... GTC too...
On 7/11 BTO 3x CENX 8/15 20c @2.09 ea; BTO 2x PLNT 8/15 115c @3.51 ea. Just STC @1.82 and @3.94 respectively. 3x2.09 -> 3x1.82; 13% loss. 2x3.51 -> 2x3.95; 13% profit. 3x2.09 + 2x3.51 -> 3x1.82 + 2x3.95; 13.29 -> 13.36; 1% profit. Lol just glad to get out today.
On 6/27 BTO 2x SMCI 8/15 48c @6.22ea; BTO 3x SMCI 8/15 52c @4.56ea; Today STC @7.19 and @5.02 respectively; 3x6.22 -> 3x7.19; 16% profit. 2x4.56 -> 2x5.02; 10% profit. I don’t have enough confidence to hold runners. Just gonna bank a small win and move on.
They start trying to anyway. Otm ones get a few minutes delay before the reissue the STC order and after about :46 ish, you can’t reissue it ITM contracts get slammed every 2-3 minutes with orders
Completed the smci trade… on 6/13: BTO 1x SMCI 7/18 42c @3.77; BTO 3x SMCI 7/18 47c @1.91. On 6/25: STC 1x SMCI 7/18 42c @5.75; STC 2x SMCI 7/18 47c @2.92. Just now: STC last SMCI 7/18 47c @4.25; (3.77+ 3x1.91) -> (5.75 + 2x2.845 + 4.25); 9.5 -> 15.69; 65 % profit.
6/13 I: BTO 1x SMCI 7/18 42c @3.77; BTO 3x SMCI 7/18 47c @1.91. just STC 1x SMCI 7/18 42c @5.75; And STC 1x SMCI 7/18 47c @2.92. (3.77 + 3x1.91) -> (5.75 + 2x2.845); 9.5 -> 11.44; 20% profit plus one runner.
Not a valid complaint, he left the STC order open, the broker isn’t liable for closing or opening orders, they only execute, otherwise they would be managing multiple leg trades for people and that would get murky real quick.
Sorry that’s not a valid finra complaint, tons of platforms would leave the STC open, even IBKR which is way more reputable than robinhood or webull. You’re liable for any order inputs and cancelling them. All they have to do is execute.
But the issue is that shouldn't the busted long buy have canceled the STC order at the same time.
If they bust your BTO trade, they should void your STC trade even if it is a good trade. Tell them that you will file a FINRA complaint. [https://www.finra.org/investors/need-help/file-complaint/questions-ask-you-file-complaint](https://www.finra.org/investors/need-help/file-complaint/questions-ask-you-file-complaint)
Open Interest represents the number of contracts that exist at the start of each day. Each party to an option trade may be opening or closing the contract. There are 4 scenarios: 1) Buy to Open (BTO) and Sell To Open (STO) Both parties are initiating a new position (one new buyer and one new seller) so Open Interest increases by one 2) Buy To Close (BTC) and Sell to Open (STO) 3) Buy To Open (BTO) and sell To Close (STC) If a contract owner buys or sells to a new trader, Open Interest does not change (an existing contract is changing hands) 4) Buy To Close (BTC) and Sell to Close (STC) Both parties are closing an existing position (one previous buyer and one previous seller) and Open Interest declines by one. This can be from actually buying and selling the contract by each party or via exercise.
Stupid macro forces… Mara tanked along with everything else. Guess I should have closed the last two calls earlier this week after all. BTO 20x MARA 15c @0.4 ea on 6/2; On 6/3 I STC 15x @0.76 ea; On 6/6 I STC 2x @1.21 ea; On 6/9 I STC 1x @1.3; Today I STC the last 2x @0.62. 20x0.4 -> 15x0.76 + 2x1.21 + 1.3 + 2x0.62; 8.0 -> 16.36; 105% profit overall.
took my money and ran on 6040c got a few for 0.4 STC at 2.35
just scored some 10 bagger. didnt even get to change limits. 6015p BTO .75 avg STC $7
So...can you STC one leg and let the other leg expire? That is , choose not to buy it back?
BTO 20x MARA 15c @0.4 ea on 6/2; On 6/3 I STC 15x @0.76 ea; On 6/6 I STC 2x @1.21 ea; Today I STC 1x @1.3 20x0.4 -> 15x0.76 + 2x1.21 + 1.3; 8.0 -> 15.12; 89% profit overall plus 2 runners
The fuck are you even talking about. She could have given money or ressources to Islamic relief, UNRWA, MAP or even STC to only cite a few. But no, better burn those ressources for a publicity stunt. Her trip didn't save anyone, children or not, when she could have.
As a reminder, I BTO 20x MARA 15c @0.4 ea on 6/2… On 6/3 I STC 15x @0.76 ea; Today I STC 2x @1.21 ea. 20x0.4 -> 15x0.76 + 2x1.21 8.0 -> 13.82; 73% profit overall plus 3 runners
finally a solid trade this week with 5970p BTO 2.2 avg STC 14 avg
STC 15x MARA 6/13 15c @0.76 each; 20x 0.4 -> 15x 0.76; 8.0 -> 11.4; 43% profit overall plus 5 runners
Hello All, I have had an LLC with TTS and MTM since the start of the year and mostly I run the wheel investing strategy eg I buy stock and sell covered calls for income till I get assigned then I sell Naked Puts until I get assigned the stock again at a lower price then rinse and repeat with covered calls again. However sometimes a stock or etf may go to far south on me such that I can't profitably sell covered calls without getting assigned at a loss which I try to avoid. So sometimes Im stuck with a stock or long call for over 30 days risking increasing my average holding period getting too high for the IRS. To address this I try to sell/role my stock every 30 days which can be tricky when the stock is linked to covered calls. Or sometimes I'll have long calls instead of stock and sell calls against these. Rolling these long calls while they are paired with covered calls then becomes even trickier. Basically I have to BTO a new set of long call contracts and then sell the old one so that my covered calls are at all times covered. If the options are not heavily traded then I'm likely to get poor prices in the roll leading to added losses I.e. BTO high and STC low. Also it can be very time consuming both tracking average holding period and doing this buying and selling to ensure we adhere to the 31 day rule. Has anyone else experienced this challenge and come up with a better less time consuming solution. I hope this makes sense to some of you!
Not until you STC. I'm in the same position, too, but I'm not going to celebrate until my STC order status if "Filled".
>Once I write the contract I get it, right? Yes - that's correct. Writing a contract means you are creating a new contract with a counter-party and you are the seller. It's also known as STO - sell to open. In options parlance, its inaccurate to just say "sell" because you could be long a contract and you may be STC - sell to close. >... wait until someone takes it/assigns it to themselves Assignment means something else in the context of option contract. When you place an order to write a contract, if it executes - that means that someone has taken the other side of the trade. It could be a market maker, another trader, etc. When that order executes, that means that your order has been filled and you receive the premium when the trade settles. Option trades settle T+1. >what do you think of my option? I don't really have an opinion. It's a reasonable trade if you like the risk/reward. >I don't think NVDA might go to 170 in the near future If that's your thesis and you also want to own NVDA stock - that's reasonable. There are a lot more complex option strategies that can also be used. But since you mentioned you are new to options - using a covered call is a safe place to start.
I’ve made some money doing this trade with NFLX and META (plus UNH last week). For me the issue with IBKR specifically is the commissions. Each time you do this trade you’re transacting 4 times (STO short leg + BTO long leg at the beginning, then BTC short leg + STC long leg at the end, assuming you’re closing the position instead of letting it expire). Unlike some brokers IBKR charges a commission for all options trades, even if you’re just closing a nominal position. Adding it all up I think I paid something crazy like 20% of the profit just in commissions.
In options if you BUY an option, that is your Max Loss. You bought the right to … If you SELL an option, that is your Max Gain. You are obligated to the person who bought the option. They decide. Not you. You buy to open (BTO) and sell to close (STC). Hopefully you make money. You can also Sell to open (STO) and buy to close (BTC). You make money when you sell the option for $2 and buy it back for $1.
alright i'm out. got almost 6 baggers from 5875p BTO 1.7 avg STC 8.2 avg
Just STC last SPY 5/12 573c @9.07; 766% profit 3x1.06 -> (2x7.32 + 9.07); 3.18 -> 23.71; 646% profit on position overall.
Friday I BTO 3x SPY 5/12 573c @1.06ea Just STC 2x SPY 5/12 573c @7.32ea; 591% profit each 3x1.06 -> 2x7.32; 3.18 -> 14.64; 360% profit on position overall and holding one as house money to see if we rise further today.
That is only a 7% gain. It is extremely possible and is done every day. Once you open your mind to the possibilities of the options market anything is possible. And yes I understand this is not an option play before anyone starts with the trolling. For example: You Buy (BTO) a Call option on $SPY @ .50 You Sell (STC) a Call option on $SPY @ .55 If you Invest $100,000 and you make 10% you have just made $10,000 most times in mere seconds. Now just extrapolate the numbers out to $500k or $1mil or $100mil The percentages are the same.
STC 2x spy 5/8 560p @5.64; 3.14 -> 5.64; 80% profit
How do you know that someone is taking a position? They could be STC
If you're bullish and you can get a decent fill, then go for it. You can always STC though you might not like the price (wide spread). If you can't get a decent fill on the way out, you can avoid that haircut by doing the discount arbitrage yourself (short the shares and exercise your long call. Another possibility is to take an offsetting position in another option.
Dividends are taxed as income. Unless it is a Return of Capital (your basis will go down), a qualified dividend (it was from a municipal bond or something), or if it's actually a distribution and is LTC gains or STC gains. If you really want to control the reported amount of income, you might want to consider a loss harvesting approach or having a withholding applied to your dividends.
STC @26.90; 6.70 -> 26.90; 301% profit
Because you sold puts that are deep ITM, you lose money as you wait instead of gaining. As for the “$1k loss” that’s not what this cart shows. A mistaken call spread would show BTC and STC on the calls. This looks like you took a temporary $1k gain to offset the loss, but it wont’t work unless you’re very lucky.
You got some of it right but not all of it. Each party to an option trade may be opening or closing the contract. There are 4 scenarios: 1) Buy to Open (BTO) and Sell To Open (STO) Both parties are initiating a new position (one new buyer and one new seller) so Open Interest increases by one 2) Buy To Close (BTC) and Sell to Open (STO) 3) Buy To Open (BTO) and sell To Close (STC) If a contract owner buys or sells to a new trader, Open Interest does not change (an existing contract is changing hands) 4) Buy To Close (BTC) and Sell to Close (STC) Both parties are closing an existing position (one previous buyer and one previous seller) and Open Interest declines by one The other reason for declining Open Interest is contracts are being exercised.
PS: Your cost basis is 159 and the price is 149. You have an unrealized loss of 10. If you did not exercise but STC the call at 24. You will have a realized loss of 10.
Thanks for your answer. I've developed a profitable strategy on SPX 0DTE short calls/puts, it's working well so far with up to 20 contracts, but I'm kinda worried continuing scalling up, could MM avoid my STP STC orders? But from your answer on how you guys work, I feel it wouldn't be an issue; As long as there's premium, there is competition. Am i right?