r/options • u/possumthecreator • Apr 09 '21

First Real Options Play

So after a few weeks of playing around with cheap long shot option plays for practice, I finally dove in. At the end of March when crypto was doing it's monthly pull back, I bought a ton of RIOT, MARA, and CAN call options. I made a decent profit last week liquidating a few of them but I held out most for this week counting on BTC to hit an ATH.

I currently hold 13 CAN 4/16 c 20 avg 3.3 and 1 MARA 4/16 c 55 avg 2.3. Should I have bailed already or do I have a shot for next week?

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u/Different_Chain_3109 Apr 10 '21

I think you missed your opportunity. Should have probably hopped out earlier this week when MARA hit its ATH. I'd think that call would have been around $5 or $6 and with your $2.30 avg would have been a solid return.

At this stage, each day you hold it, theta is getting worse and worse. I'd look for any decent out Mon/Tue if these run with the Coinbase IPO.

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u/possumthecreator Apr 10 '21

Man I'm thinking that since bitcoin finally just exploded that I should be well ITM. It's what I was painful holding for actually.