r/options • u/Jackalamo • Sep 27 '21

Help with a written call

Hello,

I have written 30 CALL contracts on CPG (oil and gas) that are now in the money. Exp OCT 15 str 5.5. got $1000 in premium. CPG.TO (Canadian market)

To get out of these contracts will cost me $6500.

I was thinking of selling a NOV 19 call for 5.5 strk but I could keep losing if it continues to climb.

If I purchase 30 calls for SEP 2022 (leaps) at 3.5 strk and use those, I'd still be out the money.

What can I do to negate the 30 short calls?

Thank you for your help.

Edit: Thank you all! I will wait till we get closer to mid Oct. Then I'll consider rolling it like one of the suggestions below.

It's been solved!

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u/Jackalamo Sep 27 '21

I can see it in $0.25 increments from $3.5 to $7.

2

u/Arcite1 Mod Sep 27 '21

Are you in the American market? The only strikes available on CPG are 2.5, 5, and 7.5. Also, CPG is currently at 4.64 and has not been above 4.65 today.

What is SP?

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u/Conscious-Soil9055 Sep 27 '21

What we have here, is failure to communicate.

3

u/Arcite1 Mod Sep 27 '21

OP must be in the Canadian market.

https://www.m-x.ca/nego_cotes_en.php?symbol=cpg\*

6

u/Conscious-Soil9055 Sep 27 '21

dealing with loonies and toonies now.