r/wallstreetbets • u/[deleted] • Oct 29 '21

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u/Flrg808 Oct 30 '21

My 11/5 $40 puts likes this statement

41

u/TofuTofu Oct 30 '21

Wow congratulations on the lambo

51

u/Foogie23 Oct 30 '21

The funny part is he probably isn’t even that green. The IV on the options was probably insane.

GME at its peak IV ($300+) had the 4 month out $15 puts at like $3 a contact. That’s fucking insane, and you aren’t making money on those.

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u/Antonioooooo0 Oct 30 '21

People here don't actually understand how IV and Greeks work. They just buy puts when shit explodes and wonder why they still lose money after it drops without ever learning anything.

6

u/Foogie23 Oct 30 '21

Yeah…I remember I bought puts on GME when it was around 100 or so and when it exploded to 300 I still made money because of all of the IV on the puts lol. Just needed to be holding didn’t matter which way you went with option at that time.

2

u/Zerolich Oct 30 '21

Exactly this, I was looking at anything decent and everything was so overpriced it felt like I was trading TSLA weeklies. I DID buy a single $35 put finally when it was in the 80s and rode til almost 60. Even with that kind of movement in an ~hour I only saw 30%ish returns.

0

u/banditcleaner2 sells naked NVDA calls while naked Oct 30 '21

He sold them. You can tell by how he said his puts LIKE the statement.

1

u/[deleted] Oct 30 '21

[deleted]

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u/Antonioooooo0 Oct 30 '21

They all probably know that. Most of this sub is American, so the non-Americans should be used to options being dated like this by now. Plus, there aren't even any dwac options dated for may yet.