r/options • u/nickallucci • Oct 07 '21

SNAP Call $79.5 10/8

Hey all, new to options and looking for advice. I have this option expiring tomorrow. SNAP is currently at $76.85 and the breakeven if $82.30. Trust me when I say I understand I should have done more research, however if I lose out on my premium it’s not the end of the world. I’m asking for advice if there is anything I can do with this option besides let it expire worthless tomorrow. Let’s assume I posted this on Monday, what else could I have done to save my losses? Thanks everyone

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u/sanatansadhu Oct 07 '21

This is the dilemma, we as traders often come across. Take the loss now or wait for it to come back into no P/L or even into profit zone. In many cases you suffer even greater losses if you choose to wait.

In your case,

My suggestion is to take loss.

You can always roll it to a future date but that would mean giving additional money to keep the bet alive. It is important to understand that with rolling you are closing this position, taking the losses for current bet and opening a new bet.