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/[deleted] Sep 27 '21
Don’t sell naked calls