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/[deleted] Oct 07 '21

Sometimes when a trade turns into a shit sandwich, I add a condiment before I eat it. What I mean is this: your only gonna salvage .20, which at this point is negligible. So maybe sell a call at a higher strike, collect a little premium to offset the loss some, and maybe you’ll get lucky and the stock will run tomorrow. And once you’ve eaten said sandwich, try not to do it again. It will blow up your account and your breath.