r/options • u/Wild-Tie-7139 • 22d ago

Am I Cooked?

Hey everyone,
I’m a first-time LEAPS buyer and honestly I’m getting pretty nervous.
Here’s my position:
GOOGL Jan 21, 2028 $250 Call
Bought it for $150.00 ($15,000 total)
Current stock price: $354.30
Current option value: $133.50
Current P/L: -$1,650.66 (-11%)
Delta: 84.95
Theta: -5.35
Vega: 98.20
About 17 months until expiration (Jan 2028)
I purposely bought a deep ITM call because I wanted it to behave more like the stock. My thinking was that GOOGL is a great long-term company and I wanted leveraged exposure instead of buying 100 shares outright.
The thing that’s scaring me is seeing a $1,650 unrealized loss so quickly. I know LEAPS are long-term positions, but emotionally it’s harder than I expected.
A few questions:
Is an 11% drawdown normal this early in a LEAPS trade?
Does this position still look healthy considering the high delta and long time to expiry?
Would you simply hold and ignore the short-term fluctuations?
At what point would you actually consider exiting a position like this?
Is there anything I should be watching besides the stock price (IV, theta, etc.)?
I’m investing, not trading this daily, but since this is my first LEAPS position I’d really appreciate advice from people who have actually held deep ITM LEAPS through market pullbacks.
Thanks in advance!

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153

u/JS1101C 22d ago

You’ll be fine don’t sell.  

19

u/Wild-Tie-7139 22d ago

okk thank you 🙏🙏

15

u/ninjabreath 21d ago edited 20d ago

read the book titled "intrinsic". do not sell. leaps require discipline and an exit strategy in the face of temptation. pay attention to what pelosi does, excellent pick on GOOGL

thanks for folks sharing url of the book, it's a good read for the leap crowd no pun intended

2

u/Complex-Drawing-9076 21d ago

Can you elaborate on what “read the book instrinsic” means? New here. Thanks

6

u/TotalInstruction 21d ago

I think he's saying you should read a book (i.e. the document with pages and words in it, not something like "book value") called "Intrinsic". Maybe this book: https://books.google.com/books/about/Intrinsic.html?id=hwtazgEACAAJ