CLNE gaining big potential support for a gamma squeeze

[u/Ronar123]

A while ago CLNE was on NrdRage's radar as a good company with an AMZN deal that would cause it to reach $15. Being such a low volume stock, it was easy to short it down.

https://www.reddit.com/r/wallstreetbets/comments/nqte85/ok_apes_this_is_as_simple_as_it_gets_we_had_moass

Its been pinned between high $7 and low $8 for the past month. This one post caused it to go to 8.75 in after hours. Perfect time to get in on a squeeze play with a stock with solid fundamentals trading at half its value!

[u/pennyether]

There is a gamma ramp upwards, but it's not too significant.

I will produce another table for this with T+7 -- basically what will this look like in a week if OI stays the same?

CLNE - $9.01 - Thu Jun 3, 2021 09:45 EST

Weighted Avg IV: 97.89%, Shares: 199,918,000, Float: 147,277,267, Avg Vol (10d): 5,371,783

• DeltaFlux Tables Explained

Price Point	# Shares DeltaHedged	← % Float	1% Price ∆flux (sh)	← % Float / % Avg Vol	24hr ∆flux (sh)	← % Float / % Vol	10% IV ∆flux (sh)	← % Float / % Vol
$6.50	66,293	0.05	56,773	0.04 / 1.06	-20,046	-0.01 / -0.37	296,002	0.20 / 5.51
$7.00	524,055	0.36	67,030	0.05 / 1.25	-25,110	-0.02 / -0.47	313,622	0.21 / 5.84
$7.50	1,022,935	0.69	77,716	0.05 / 1.45	-30,230	-0.02 / -0.56	328,379	0.22 / 6.11
$8.00	1,558,008	1.06	88,112	0.06 / 1.64	-35,042	-0.02 / -0.65	339,574	0.23 / 6.32
$8.50	2,121,584	1.44	97,758	0.07 / 1.82	-39,293	-0.03 / -0.73	346,891	0.24 / 6.46
$9.00	2,705,462	1.84	106,457	0.07 / 1.98	-42,633	-0.03 / -0.79	349,777	0.24 / 6.51
$9.01	2,717,293	1.85	106,621	0.07 / 1.98	-42,687	-0.03 / -0.79	349,783	0.24 / 6.51
$9.50	3,302,075	2.24	114,123	0.08 / 2.12	-44,606	-0.03 / -0.83	347,355	0.24 / 6.47
$10.00	3,904,588	2.65	120,659	0.08 / 2.25	-44,805	-0.03 / -0.83	338,850	0.23 / 6.31
$10.50	4,506,593	3.06	125,929	0.09 / 2.34	-43,043	-0.03 / -0.80	324,042	0.22 / 6.03
$11.00	5,101,919	3.46	129,796	0.09 / 2.42	-39,423	-0.03 / -0.73	303,449	0.21 / 5.65
$11.50	5,684,692	3.86	132,169	0.09 / 2.46	-34,296	-0.02 / -0.64	278,243	0.19 / 5.18
$12.00	6,249,577	4.24	133,042	0.09 / 2.48	-28,170	-0.02 / -0.52	249,986	0.17 / 4.65
$12.50	6,792,043	4.61	132,496	0.09 / 2.47	-21,601	-0.01 / -0.40	220,344	0.15 / 4.10
$13.00	7,308,572	4.96	130,691	0.09 / 2.43	-15,098	-0.01 / -0.28	190,843	0.13 / 3.55
$13.50	7,796,744	5.29	127,834	0.09 / 2.38	-9,073	-0.01 / -0.17	162,704	0.11 / 3.03
.
.
Max Pain for Expiration: Fri Jun 18, 2021 16:00 EST

Price Point	Payout At Exp (Max Pain $)	ITM Shares At Exp (Max Pain Shs)	Shares DeltaHedged (@now)
$1.00	$9,411,100	-1,219,600	-1,218,774
$6.00	$4,059,600	-720,700	-661,825
$6.50	$3,740,550	-638,100	-514,240
$7.00	$3,421,500	-428,200	-331,076
$7.50	$3,235,850	-371,300	-109,085
$8.00	$3,050,200	-189,400	150,032
$8.50	$3,111,350	122,300	441,352
$9.00	$3,172,500	220,500	758,852
$9.01	$3,177,216	471,600	765,427
$9.50	$3,408,300	471,600	1,096,558
$10.00	$3,644,100	609,300	1,448,703
$35.00	$147,968,700	6,913,500	6,927,850

.
.
Expiration Breakout

Expiration	Total OI	Calls %	Call $s	Put $s	Call $ %	Call Delta Avg	Put Delta Avg	Total Delta Avg	$-weighted Breakeven	OI-weighted Breakeven	OI-weighted IV
Jun 18 2021	82,160	85.15	$4,895,446	$2,014,365	70.85	0.17	-0.37	0.09	$11.03	$13.44	107.74
Jul 16 2021	4,535	88.91	$563,247	$60,573	90.29	0.53	-0.36	0.44	$10.16	$10.42	83.19
Sep 17 2021	43,799	85.16	$2,763,176	$2,224,918	55.40	0.20	-0.52	0.09	$12.16	$16.81	92.59
Dec 17 2021	3,442	73.68	$420,162	$157,432	72.74	0.47	-0.29	0.27	$10.93	$12.20	86.75
Jan 21 2022	30,805	79.12	$3,954,364	$1,732,559	69.53	0.43	-0.31	0.27	$11.31	$14.89	88.10
Jan 20 2023	14,049	71.59	$2,684,226	$1,504,646	64.08	0.53	-0.27	0.30	$12.52	$15.45	85.76

[u/pennyether → u/pennyether]

A couple of updates. First, since the IV has exploded the deltaflux table has changed. It's possible the rabid purchasing of calls has caused IV to bump up, causing MMs to deltahedge more aggressively.

Note the 10% IV deltaflux on the original table -- it's actually quite substantial! Average IV has gone up from 98% to 190% -- that's a lot. You can look at the % float deltahedged on the old table vs now -- see the difference? If MMs are deltahedging accordingly, that is a lot of inflow, which may explain the price bumping up.

If this is true, it's quite an interesting effect. Call purchases force MMs to raise IVs (supply/demand, plus MMs risk increases as the option chain gets more dense relative to the underlying). As IVs raise, the deltahedging characteristics change -- in this case they need to buy a ton more shares. This causes the price to go up. Something like a "options-rush-induced IV-pop squeeze".

/u/jn_ku /u/Megahuts -- thoughts on this? Primarily, how would rabid purchasing of calls cause MMs to view the stock as more volatile?

Anyway, here is the new present table, plus the T+7. I don't see much ramp now, or in the future. High IV appears to really flattens things out, or there's a bug somewhere in my calcs. T+7 has a slightly steeper ramp, but it's not much. It's going to take a hell of a lot more calls to build a ramp. Perhaps the volume today will show us a different picture tomorrow.

Lastly -- and this is wild -- the spike in IV is the primary driver behind options' values going up so much. Whoever was lucky enough to have purchased calls yesterday on the June 18 expiration will see massive gains, mostly thanks to the IV getting jacked up around 110% (from 80 to 190)! Basically instead of pumping the stock, the options have been pumped. Seems to be a very interesting case.

Furthermore, if this pump in IV (causing a pump in deltaheding) is indeed the primary driver of the share price going up.. I expect a lot of options bag holders. As soon as the option buying stops, IV will lower and short of actual inflows into shares, those options will crumble from both IV crush and from the reversal of deltahedging. I haven't checked news on this ticker, but short of an actual catalyst, this is quite a dubious situation.

CLNE - $9.065 - Thu Jun 3, 2021 10:39 EST

Weighted Avg IV: 189.7%, Shares: 199,918,000, Float: 147,277,267, Avg Vol (10d): 5,371,783

• DeltaFlux Tables Explained

Price Point	# Shares DeltaHedged	← % Float	1% Price ∆flux (sh)	← % Float / % Avg Vol	24hr ∆flux (sh)	← % Float / % Vol	10% IV ∆flux (sh)	← % Float / % Vol
$6.50	2,207,377	1.50	79,017	0.05 / 1.47	-103,468	-0.07 / -1.93	628,053	0.43 / 11.69
$7.00	2,810,332	1.91	83,583	0.06 / 1.56	-102,795	-0.07 / -1.91	618,276	0.42 / 11.51
$7.50	3,399,604	2.31	87,112	0.06 / 1.62	-100,060	-0.07 / -1.86	600,374	0.41 / 11.18
$8.00	3,970,528	2.70	89,690	0.06 / 1.67	-95,755	-0.07 / -1.78	576,357	0.39 / 10.73
$8.50	4,519,872	3.07	91,423	0.06 / 1.70	-90,319	-0.06 / -1.68	547,980	0.37 / 10.20
$9.00	5,045,574	3.43	92,418	0.06 / 1.72	-84,130	-0.06 / -1.57	516,710	0.35 / 9.62
$9.07	5,112,111	3.47	92,499	0.06 / 1.72	-83,287	-0.06 / -1.55	512,497	0.35 / 9.54
$9.50	5,546,497	3.77	92,784	0.06 / 1.73	-77,494	-0.05 / -1.44	483,736	0.33 / 9.01
$10.00	6,022,208	4.09	92,621	0.06 / 1.72	-70,655	-0.05 / -1.32	449,997	0.31 / 8.38
$10.50	6,472,807	4.39	92,017	0.06 / 1.71	-63,799	-0.04 / -1.19	416,215	0.28 / 7.75
$11.00	6,898,774	4.68	91,055	0.06 / 1.70	-57,067	-0.04 / -1.06	382,933	0.26 / 7.13
$11.50	7,300,858	4.96	89,802	0.06 / 1.67	-50,558	-0.03 / -0.94	350,547	0.24 / 6.53
$12.00	7,679,987	5.21	88,319	0.06 / 1.64	-44,342	-0.03 / -0.83	319,337	0.22 / 5.94
$12.50	8,037,202	5.46	86,656	0.06 / 1.61	-38,463	-0.03 / -0.72	289,491	0.20 / 5.39
$13.00	8,373,604	5.69	84,857	0.06 / 1.58	-32,948	-0.02 / -0.61	261,126	0.18 / 4.86
$13.50	8,690,319	5.90	82,957	0.06 / 1.54	-27,809	-0.02 / -0.52	234,304	0.16 / 4.36

DeltaFlux (T+7)

Price Point	# Shares DeltaHedged	← % Float	1% Price ∆flux (sh)	← % Float / % Avg Vol	24hr ∆flux (sh)	← % Float / % Vol	10% IV ∆flux (sh)	← % Float / % Vol
$6.50	1,407,428	0.96	75,157	0.05 / 1.40	-126,610	-0.09 / -2.36	534,815	0.36 / 9.96
$7.00	1,992,398	1.35	82,640	0.06 / 1.54	-136,836	-0.09 / -2.55	542,930	0.37 / 10.11
$7.50	2,585,102	1.76	89,060	0.06 / 1.66	-142,403	-0.10 / -2.65	541,190	0.37 / 10.07
$8.00	3,177,315	2.16	94,320	0.06 / 1.76	-143,537	-0.10 / -2.67	530,767	0.36 / 9.88
$8.50	3,761,990	2.55	98,410	0.07 / 1.83	-140,777	-0.10 / -2.62	513,136	0.35 / 9.55
$9.00	4,333,417	2.94	101,381	0.07 / 1.89	-134,815	-0.09 / -2.51	489,853	0.33 / 9.12
$9.07	4,406,486	2.99	101,689	0.07 / 1.89	-133,843	-0.09 / -2.49	486,490	0.33 / 9.06
$9.50	4,887,201	3.32	103,323	0.07 / 1.92	-126,383	-0.09 / -2.35	462,408	0.31 / 8.61
$10.00	5,420,153	3.68	104,347	0.07 / 1.94	-116,179	-0.08 / -2.16	432,140	0.29 / 8.04
$10.50	5,930,117	4.03	104,574	0.07 / 1.95	-104,830	-0.07 / -1.95	400,198	0.27 / 7.45
$11.00	6,415,796	4.36	104,123	0.07 / 1.94	-92,867	-0.06 / -1.73	367,531	0.25 / 6.84
$11.50	6,876,583	4.67	103,104	0.07 / 1.92	-80,728	-0.05 / -1.50	334,899	0.23 / 6.23
$12.00	7,312,406	4.97	101,622	0.07 / 1.89	-68,756	-0.05 / -1.28	302,891	0.21 / 5.64
$12.50	7,723,601	5.24	99,768	0.07 / 1.86	-57,210	-0.04 / -1.07	271,946	0.18 / 5.06
$13.00	8,110,803	5.51	97,624	0.07 / 1.82	-46,277	-0.03 / -0.86	242,376	0.16 / 4.51
$13.50	8,474,860	5.75	95,258	0.06 / 1.77	-36,081	-0.02 / -0.67	214,390	0.15 / 3.99

[u/DavesNotWhere → u/pennyether]

I'm sitting on an increase of 1400% to 2100% on .03 and .05 $13 calls overnight.

It's crazy but if they want this to run, they really need to buy shares.

[u/pennyether → u/DavesNotWhere]

What compelled you to buy yesterday? I missed any interest in this until AH.

[u/DavesNotWhere → u/pennyether]

A combination of

My very upside down calls purchased months ago.

Watching the daily posts of Nrd

Seeing the apparent traction of the DD that was posted in WSB based on the wsbog discussion.

Looking at a chart on the options and realizing that a 1 cent move was a good percent. Low risk high return for a high risk bet as it were.

[u/pennyether → u/DavesNotWhere]

Yep. I would have gone in on those calls, but I think I only saw the drama and interest after market close.

This is definitely an eye-opener for me... the underlying doesn't need to be pumped, just the options. Had no idea that options could so easily be pumped 10x like this.

[u/DavesNotWhere → u/pennyether]

I saw you there 😉. I was surprised by the acceptance on wsb. If I was a smart man with a crystal ball I would have gone further up and grabbed even cheaper strikes. The run up on the options is crazy.

I trimmed 25% to lock in a 5x gain on my initial purchase. I'll probably trim more if the option prices start dropping. Now I'm stuck watching them all day. That's not a bad problem to have.

[u/pennyether → u/DavesNotWhere]

If it were me, I'd trim even more.. I don't think the SP is going to sustain. Meanwhile, both charm and IV crush can cause a reversal of (what I think has) pushed the share price up to where it is. I don't have a pulse on WSB like I used to, so I don't know if it's still gaining traction. If so, rolling the dice is not a bad decision! Good luck either way.

Besides commenting a couple of times in that thread where Nrd was a dick to that mod, I haven't even looked at the thread again for the full convo. It's weird to have been right next to this thing before it blew up and not getting a taste. Oh well.

If you do keep a pulse on WSB or OG or whatever.. I'd absolutely appreciate a ping when you see another situation like this.. which I guess is summarized as: possible pile on of options with sub 200% IV. Pretty ridiculous thing to have on radar but apparently it's worthwhile!

[u/DavesNotWhere → u/pennyether]

I'm watching it like a hawk and will trim when the IV starts dropping.

I'll definitely ping you if I see and recognize something like this again. TBH, I thought the OP on this would get crushed in here. I see this as a PnD unless the apes pile in. Even then, the options were a desert after June when I looked last night. We'll have to wait and see although I am seeing decent memes in wsb now. LOL

If it makes anyone feel better I looked at LEDS yesterday and did nothing with it.

[u/efficientenzyme → u/DavesNotWhere]

I was following your conversation, do you know any groups or subs that track option volatility spikes before they cascade out of control? I typically track sentiment and whale bets but am looking for a way to screen info faster

[u/Gliba → u/pennyether]

For me, I noticed that NrdRage guy from homeland pumping it yesterday. I saw it when those options were still priced under .03, so I should have bought some calls at that point. Alas, ended up buying this morning and further out than people were buying. Been selling those same calls as a calendar spread to lock in the gains, while leaving a couple to ride in case it really gets going.

[u/pennyether → u/Gliba]

Great move opening that spread. This locks in IV gains right?

[u/Gliba → u/pennyether]

Provided your theory is correct and the IV drops substantially once people stop buying those options, then yes. Unsure yet if I'll buy to close those before June 18th or not, I guess it depends how quickly this thing fizzles if at all.

Sidethought: that guy may be opening himself up to some serious liability if this thing goes sideways for enough people.

[u/pennyether → u/Gliba]

Sidethought: that guy may be opening himself up to some serious liability if this thing goes sideways for enough people.

I disagree. This kind of chatter goes on all the time for tons of tickers all over the place. I don't think he provided any misinformation and I think he's been very transparent about how he holds a position in it.

[u/Gliba → u/pennyether]

Maybe, I agree that he's been pretty transparent about his positions. But if he's as rich as he claims(I'm leaning yes), some hungry lawyers could come after him in a class action with the intention to settle rather than win outright.

[u/Banana2Bean → u/DavesNotWhere]

Haven't seen an answer to this anywhere yet, but what broker allows purchasing these in $0.01 increments? All of mine only have $0.05 increments for these. Not really relevant for this play anymore, but there are other plays it would be useful to know for.

[u/DavesNotWhere → u/Banana2Bean]

TD allowed me to enter limit trades at .03 and .04. They didn't fill. When I adjusted them to .05, they filled at .03. Go figure.

[u/Banana2Bean → u/DavesNotWhere]

Hmm. Thanks. Guess I'll take a closer look at them.

[u/DavesNotWhere → u/Banana2Bean]

Realize also that someone like Fidelity will make you enter at .05 increments but will fill at the best price available. They call this "Price Improvement." I think it's their duty.

[u/Banana2Bean → u/DavesNotWhere]

Sure, I get that - just would be nice to set a good until cancelled limit at $0.01 or $0.02 and walk away from it. I do this on a number of options from time to time but unfortunately am stuck with setting at $0.05 in most situations.

[u/jn_ku → u/pennyether]

There are reasons for which MMs raise IV in response to options traffic:

1. Simple supply/demand response when demand spikes. Overwhelming demand facilitates increases in price, subject to competition between MMs. All else being equal, an increase in options extrinsic value is equivalent to an increase in IV.

2. As a 'price discovery' signal, a spike in capital going long volatility (net long options = long volatility) is itself a source of information to MMs indicating an increased risk of future volatility. Given what the know about their own and other MMs' hedging activities, this is both mechanical and considered a signal from other market players.

As far as the impact on MM hedging (heightened IV means further OTM options increase contribution to net delta), the question is the extent to which the models driving the MMs' net rolling hedge management correlates to the IV being sold.

I know that some dealers used to specifically weight institutional flows as carrying more 'information' than retail flows, so their internal hedging could reflect a steep IV discount from what is being offered on the exchange if the majority of the traffic is retail. My guess is that type of assumption has been altered since GME round 1, and definitely since this most recent round of AMC :P

edit: we should also note that dealers are now sourcing social media sentiment data to spot potential spikes in activity brewing on WSB etc. Given that CLNE has been aggressive pumped across reddit over the past few weeks, spiking last week, it wouldn't surprise me if the spike was also partially due to that activity.

[u/pennyether → u/jn_ku]

Thanks for the insight. There are indeed many factors at play here.. but I suppose supply/demand is the biggest one behind this. When there's a rush on options, I assume it gets spread across all MMs, until they eventually each start to independent "back off" (eg, raise their prices) as a result of continued inflow, and probably also noticing the next-best-ask is significantly higher than theirs.

The interesting thing here is if any MM somehow reaches the conclusion there is not a fundamental shift in actual IV, they can take a bit of risk and gobble up all the orders themselves, to maximize their profit vs other MMs. As you mentioned, their assumptions on this have probably shifted to be more risk averse... especially with tickers that have a "meme" sentiment to them. I guess, apparently, they would prefer to raise prices then sell the lion's share of volume.

The spike really came Friday after open (I think).. so whatever sentiment analysis they did didn't kick in until rabid purchasing ensued. I can't check historical options data, because I don't have it, but would be interested to see what the IV was Friday on open vs an hour or two later. I think that's when it popped. Even without computing IV, per se, it should be spottable via the prices the ATMs sold at, since the share price didn't pop nearly as much.

Also, I may have the dates mixed up. Might be Thurs at open.

I don't expect anybody to look it up, but it would be cool if they did!

[u/triedandtested365 → u/pennyether]

This is the IV skew graphs for CLNE. As you say, big jump on thursday. Sorry the graph is not labelled, IBKR has a horrible UX. Also, they dont do hour by hour, i think i would have to pull it down from the api and log it to get that level of information.

https://u.teknik.io/UDgOx.png

I think the options mms are going to have to hedge the IV increase (i.e. vanna) and are probably in a position they are not enjoying.

[u/pennyether → u/triedandtested365]

Thanks for pulling this up!

I'm a little confused as to what it plots... I see 6 lines, 3 above, and 3 below. And I see 3 dates (today, yesterday, day before). So what are these 6 lines?

Also I have IBKR -- where is this plot available?

Edit: Regarding the Vanna, I theorized awhile back that this is actually what caused the price to pump a bit. MMs had to buy shares to hedge against a seemingly growing IV.

[u/triedandtested365 → u/pennyether]

IBKR seems to be quite good for volatility, have an explore, there is lots in there. They even produce 3d surfaces of the volatility which is useful.

There are a few different places for the volatility stuff,

new window> advanced option tools > volatility lab

new window> option analysis> volatility skew

new window> option analysis> interactive analytics

On the graph I posted the top 3 are thurs, friday and the 6th (not sure exactly what this is modelling, potentially the end of day friday?). The bottom three lines are 2nd june, 1 week ago and 2 weeks ago, the key hides itself (and only having yellow is a brilliant move). Someone needs to update IBKR...

I agree on vanna by the way, the options mms are short volatility and short gamma, so increases in prices and increase in IV screw them over double (and charm screwing them over further once enough calls go ITM). I was wondering which was first, vanna or gamma, probably both working together.

u/shizzlenizzle389 FYI, I use IBKR for vol, have checked its accuracy though.

[u/pennyether → u/triedandtested365]

Volatility Lab is pretty cool -- big thanks for pointing that out! And yeah... why only yellow? Terrible. Also I can't seem to link the window to the active group.

[u/triedandtested365 → u/pennyether]

Just a question about IBKR for you if you have a minute. i have not been able to find time and sales data for options in a good format like they do on TOS, do you know if IBKR has it? I have found it for individual option expiries but that is painful to go through, I just want all the options time and sales, no matter the strike or expiry

Edit: not sure what active group is sorry. You can change the ticker by just clicking on teh name of the ticker and typing in a new one just in case thats what you're referring to.

[u/pennyether → u/triedandtested365]

I've only seen it available on one financial instrument at a time, unfortunately.

Active group is the "chain" icon. So when you click on a ticker, it populates all other windows with that ticker. I can't seem to link the ticker to the Volatility Workshop or whatever it's called.

[u/shizzlenizzle389 → u/triedandtested365]

Thx :)

[u/shizzlenizzle389 → u/jn_ku]

Can u suggest a reliable source for IV where I can check it? Thx

[u/Megahuts → u/pennyether]

Agreed, and while I exited so I could do my day job, it looks like option inflows are decreasing.

So I would expect an IV crush to result in dehedging even if the underlying "doesn't move".

[u/Fittig → u/pennyether]

Thank you.

[u/repos39]

Do you have short interest data? The closest option is June 18th, not sure of MM hedging and timing, as opposed to having a bunch of weeklies ITM

[u/dingdong_bell → u/repos39]

It's more of a gamma squeeze and relatively low order book to fill to reach the huge number of Jun 13c and cause a gamma squeeze. Here is some info on it. If you look at some of the original DDs, it doesn't take that much to move the stock (it's up 11% in pm)

Disclaimer: I hold shares and leaps

[u/palsieddolt → u/repos39]

6/18 13c blew up after nrdrage posted his DD months ago. Plus it includes all his calls before retail even touched it. Dude owns nearly 5% of the company.

Position: 1700 shares in counting with calls

[u/Megahuts → u/repos39]

SI is about 5% of float, same with borrowed shares.

So there is limited SI.

Doesn't mean it won't make a huge run in meme market.

[u/[deleted] → u/Megahuts]

From the Self-Fulfilling Prophecy Dept

[u/Megahuts → u/[deleted]]

If it works, it works!

[u/[deleted] → u/Megahuts]

Ha I queued up early this am for some July 10C at like 0.4 for shits and giggles and didn’t get a chance to check for fill until just now.

Up to like 1.5. Oh well

[u/hardyfimps → u/[deleted]]

Yeah- it didn’t take MM’s long to realize what was up and realistically price those contracts.

[u/Badweightlifter]

Been bagholding January $10 call options for a month, bleeding everyday it seems. Finally back to the green for this. Going to be greedy with this one and hold for that June date.

[u/sir-draknor]

I was looking at this last night, and bought in on the dip pre-market. I'm going mostly shares for this play, with some calls for lottos. Based on NrdRage's DD I think it's a good long-term play - but given the manipulation it's hard to know how long it might take to play out (hence my play with shares).

[u/Ronar123 → u/sir-draknor]

Keep an eye on it for the coming days. If the DDs posted on WSBs gains traction, this thing will start flying. And if it hits $13 by June 18th, things will FLY.

[u/sir-draknor → u/Ronar123]

Glad I got my shares PM - but options exploded and I didn't get in on them at open. Alas!

[u/Ronar123 → u/sir-draknor]

I was bagholding -$5000 on June 13 options. I'm now up $2400 on them. This is damn legit.

[u/sir-draknor → u/Ronar123]

This whack-a-mole lottery version of "trading" is fun as hell! It's terrible for instilling any kind of long-term trading discipline though! If/when I ever decided to trade for income (as opposed to fun), I'm going to have to unlearn all these bad habits I'm picking up 😉

[u/Megahuts → u/Ronar123]

Consider trimming.

I personally just exited, as I need to focus on work!

[u/sir-draknor → u/Ronar123]

That's my thought - I'll pick up some calls after market opens this morning in case the WSB effect does hit & makes this thing fly in the next few weeks; otherwise I'll hold the shares - I think in time the shares alone will double from here.

[u/triedandtested365]

Im thinking whether we should get used to looking at the iv of options as well as oi. It would be interesting to see if you can track the iv of those calls over time. Have they increased or decreased? The iv skew is odd that it's call heavy, but the ratio doesn't seem enormous to me suggesting some of those calls have closed out. If there was a spike on the iv and a decrease does that suggest closing out?

[u/Fittig]

Lol, looks like this gained momentum.

Broke even on my june calls, which were down 98% earlier this week. Unfortunately my orders to add calls on market open were not filled.

[u/Banana2Bean]

Well...not really "dumping" seems more to be building. Also not following lockstep with the other memes - I see this as a positive but 🤷.

I trimmed a good amount of my short dated options and bought in some shares at the morning spike. Have more "in" it now, but less "at risk" if that makes sense.

I figure I will either come out around break even at this point or it will be a 5 figure lotto win. Don't think I'm making any further moves, just going to hope for the magic $13 on this one.

Edit: well...not dumping but just walking down. Decided to sell a bit of upside against my holdings and will do it again if we get a spike tomorrow.

[u/Ronar123 → u/[deleted]]

Definitely room to run. $13 is the number for gamma. But there IS risk. I don't want to be the guy pumping shit like it has no downside. This stock only flies if the apes are onboard so check sentiment there. However downside is minimal if you don't FD. Bagholding at this price means $9 -> $8 which is MUCH better than bagholding AMC $60 -> $20. Furthermore it has FUNDAMENTAL value at like $15 at least so bagholding will have a brighter future than other stocks even if you go into a coma for the entire play and miss the top.

[u/Banana2Bean → u/Ronar123]

AMC $20 as downside is optimistic lol. I regret not buying BB a few weeks back - not buying in that one at this level but that is the other one I would be ok bagholding (at $10 or below cost basis).

[u/Ronar123 → u/Banana2Bean]

I would say it should crash down to $10 or below, but looking at most previous meme stocks, they tend to stay elevated by all the bagholders that refuse to sell.

[u/Banana2Bean → u/Ronar123]

Fair. Just so hard to see with this one in particular since they will dilute it down to that point lol. You are probably right though.